[Federal Register Volume 59, Number 98 (Monday, May 23, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-12515]


[[Page Unknown]]

[Federal Register: May 23, 1994]


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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control

31 CFR Part 500

 

Foreign Assets Control Regulations; Unblocking of Certain Bank 
Transfers Involving Vietnam

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Final rule; amendment.

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SUMMARY: As an additional step in the normalization of relations with 
Vietnam, the Treasury Department is amending the Foreign Assets Control 
Regulations to authorize United States banking institutions to unblock 
certain funds which came into their possession or control through wire 
transfer instructions or check remittances received after December 31, 
1989, in which Vietnam or a Vietnamese national has or has had an 
interest.

EFFECTIVE DATE: May 18, 1994.

FOR FURTHER INFORMATION CONTACT: Steven I. Pinter, Chief of Licensing 
(tel.: 202/622-2480), or William B. Hoffman, Chief Counsel (tel.: 202/
622-2410), Office of Foreign Assets Control, Department of the 
Treasury, Washington, D.C. 20220.

SUPPLEMENTARY INFORMATION:

Electronic Availability

    This document is available as an electronic file on The Federal 
Bulletin Board the day of publication in the Federal Register. By modem 
dial 202/512-1387 or call 202/512-1530 for disks or paper copies. This 
file is available in Postscript, WordPerfect 5.1 and ASCII.

Background

    Effective February 3, 1994, the Office of Foreign Assets Control 
authorized new transactions involving property in which Vietnam or its 
nationals have an interest, effectively lifting the embargo against 
that country for all new transactions. Property blocked at that time, 
however, remained blocked. The Foreign Assets Control Regulations, 31 
CFR part 500 (the ``Regulations''), are being amended to add 
Sec. 500.579, which authorizes banking institutions subject to U.S. 
jurisdiction to unblock and return to the remitter certain funds that 
came into their possession or control through wire transfer 
instructions or check remittances received after December 31, 1989. 
This general license does not authorize the unblocking of funds in 
which Vietnam or a Vietnamese national has an interest that were 
blocked as of February 3, 1994, other than wire transfers and check 
remittances blocked after December 31, 1989, which are not being 
returned to the Government of Vietnam or persons in Vietnam. Nor does 
it affect enforcement actions involving prior violations of the 
Regulations.
    Because the Regulations involve a foreign affairs function, 
Executive Order 12866 and the provisions of the Administrative 
Procedure Act, 5 U.S.C. 553, requiring notice of proposed rulemaking, 
opportunity for public participation, and delay in effective date, are 
inapplicable. Because no notice of proposed rulemaking is required for 
this rule, the Regulatory Flexibility Act, 5 U.S.C. 601-612, does not 
apply.

List of Subjects in 31 CFR Part 500

    Administrative practice and procedure, Banks, Banking, Finance, 
Foreign investments in U.S., Foreign trade, International 
organizations, North Korea, Penalties, Reporting and recordkeeping 
requirements, Securities, Services, Telecommunications, Travel 
restrictions, Vietnam.

    For the reasons set forth in the preamble, 31 CFR part 500 is 
amended as set forth below:

PART 500--FOREIGN ASSETS CONTROL REGULATIONS

    1. The authority citation for part 500 continues to read as 
follows:

    Authority: 50 U.S.C. App. 1-44; E.O. 9193, 3 CFR, 1938-1943 
Comp., p. 1174; E.O. 9989, 3 CFR 1943-1948 Comp., p. 748.

    2. Section 500.579 is added to subpart E to read as follows:

Subpart E--Licenses, Authorizations, and Statements of Licensing 
Policy


Sec. 500.579 Authorization for release of certain blocked transfers by 
banking institutions subject to U.S. jurisdiction.

    Banking institutions subject to the jurisdiction of the United 
States are authorized to unblock and return to the remitting party 
funds that were blocked pursuant to this part because of an interest of 
Vietnam or a Vietnamese national and that came into their possession or 
control by wire transfer or check remittance received after December 
31, 1989, provided that no funds are released to the Government of 
Vietnam or any person in Vietnam.

    Dated: May 5, 1994.
Steven I. Pinter,
Acting Director, Office of Foreign Assets Control.
    Approved: May 9, 1994.
R. Richard Newcomb,
Acting Deputy Assistant Secretary (Law Enforcement).
[FR Doc. 94-12515 Filed 5-18-94; 2:10 pm]
BILLING CODE 4810-25-F