[Federal Register Volume 59, Number 174 (Friday, September 9, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-22562]


[[Page Unknown]]

[Federal Register: September 9, 1994]


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Part IV





Department of the Treasury





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Office of Foreign Assets Control



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31 CFR Part 565




Panamanian Transactions Regulations; Resolution of Claims From Blocked 
Government of Panama Assets; Final Rule
DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 565

 
Panamanian Transactions Regulations; Resolution of Claims From 
Blocked Government of Panama Assets

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Unblocking of assets.

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SUMMARY: The Office of Foreign Assets Control will unblock the 
remaining assets of the Government of Panama (including Air Panama) 
blocked pursuant to the Panamanian Transactions Regulations, effective 
September 16, 1994.

EFFECTIVE DATE: September 8, 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, DC 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

    Executive Order 12710 of April 5, 1990, 3 CFR, 1990 Comp., p. 282, 
terminated the national emergency declared on April 8, 1988, with 
respect to Panama, and lifted sanctions imposed against the Noriega 
regime. Pursuant to section 207(a)(2) of the International Emergency 
Economic Powers Act, 50 U.S.C. 1706(a)(2), however, the order continued 
the blocking of certain Government of Panama assets in the United 
States, with the understanding of the Government of Panama, to 
facilitate resolution of claims of U.S. persons. On May 12, 1994, the 
Panamanian Transactions Regulations, 31 CFR Part 565, were amended to 
provide that licenses may be issued on a case-by-case basis authorizing 
the release of blocked Government of Panama assets at the request of 
that government to satisfy settlements, final judgments and arbitral 
awards with respect to claims of U.S. persons arising prior to April 5, 
1990. The amendment also provided that license applications would be 
accepted with respect to such claims from U.S. persons seeking judicial 
orders of attachment against blocked Government of Panama assets in 
satisfaction of final judgments entered against the Government of 
Panama, provided such applications were submitted no later than June 
15, 1994.

    The Office of Foreign Assets Control received no license 
applications pursuant to this amendment, and the Government of Panama 
has successfully settled the bulk of all outstanding claims that arose 
against it or Air Panama prior to April 5, 1990. The approximately $2.1 
million in assets held in the name of the Government of Panama or its 
entities, including Air Panama, that remain blocked at this time will, 
therefore, be unblocked on September 16, 1994.

    Dated: September 8, 1994.
Steven I. Pinter,
Acting Director, Office of Foreign Assets Control.
    Approved: September 8, 1994.
R. Richard Newcomb,
Acting Deputy Assistant Secretary (Law Enforcement).
[FR Doc. 94-22562 Filed 9-8-94; 9:50 am]
BILLING CODE 4810-25-F