[Federal Register Volume 59, Number 116 (Friday, June 17, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-14726]


[[Page Unknown]]

[Federal Register: June 17, 1994]


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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control

31 CFR Part 550

 

Libyan Sanctions Regulations; Definition of ``Government of 
Libya''

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Final rule; amendment.

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SUMMARY: This rule amends the Libyan Sanctions Regulations to remove 
from the definition of ``Government of Libya'' a provision stating that 
an entity will not be deemed a part of that government solely because 
it is located in, organized under the laws of, or has its principal 
place of business in, Libya, and to make an additional change to the 
definition.

EFFECTIVE DATE: June 17, 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

    This rule amends the Libyan Sanctions Regulations, 31 CFR part 550 
(the ``Regulations''), to remove paragraph (b) from Sec.  550.304, the 
definition of the term ``Government of Libya.'' Paragraph (b) of 
Sec. 550.304 provided that a partnership, association, corporation, or 
other organization shall not be deemed to be within the term 
``Government of Libya'' solely by reason of being located in, organized 
under the laws of, or having its principal place of business in, Libya.
    In addition, former paragraph (a)(2) is revised to remove the word 
``substantially,'' which was used to describe the extent of Libyan 
government control of an entity required to qualify that entity as a 
part of the Government of Libya, and to add the words ``directly or 
indirectly'' to describe the nature of the governmental control.
    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 550

    Adminstrative practice and procedure, Banks, Banking, Blocking of 
assets, Exports, Foreign investment, Foreign trade, Government of 
Libya, Imports, Libya, Loans, Penalties, Reporting and recordkeeping 
requirements, Securities, Services, Specially designated nationals, 
Travel restrictions.
    For the reasons set forth in the preamble, 31 CFR part 550 is 
amended as set forth below:

PART 550--LIBYAN SANCTIONS REGULATIONS

    1. The authority citation for part 550 continues to read as 
follows:
    Authority: 50 U.S.C. 1701-1706; 50 U.S.C. 1601-1651; 22 U.S.C. 
287c; 49 U.S.C. App. 1514; 22 U.S.C. 2349aa-8 and 2349aa-9; 3 U.S.C. 
301; E.O. 12543, 3 CFR, 1986 Comp., p. 181; E.O. 12544, 3 CFR, 1986 
Comp., p. 183; E.O. 12801, 3 CFR, 1992 Comp., p. 294.

Subpart C--Definitions

    2. Section 550.304 is revised to read as follows:


Sec. 550.304  Government of Libya.

    The term Government of Libya includes:
    (a) The state and the Government of Libya, as well as any political 
subdivision, agency, or instrumentality thereof, including the Central 
Bank of Libya;
    (b) Any partnership, association, corporation, or other 
organization owned or controlled directly or indirectly by the 
foregoing;
    (c) Any person to the extent that such person is, or has been, or 
to the extent that there is reasonable cause to believe that such 
person is, or has been, since the effective date, acting or purporting 
to act directly or indirectly on behalf of any of the foregoing;
    (d) Any other person or organization determined by the Secretary of 
the Treasury to be included within this section.

    Dated: May 31, 1994
Steven I. Pinter,
Acting Director, Office of Foreign Assets Control.
    Approved: June 3, 1994
R. Richard Newcomb,
Acting Deputy Assistant Secretary (Law Enforcement).
[FR Doc. 94-14726 Filed 6-13-94; 4:33 pm]
BILLING CODE 4810-25-F