[Federal Register Volume 59, Number 213 (Friday, November 4, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-27345]


[[Page Unknown]]

[Federal Register: November 4, 1994]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 565

 

Panamanian Transactions Regulations; Termination of Residual 
Blocking of Government of Panama Assets

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Final rule; amendment.

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SUMMARY: The Office of Foreign Assets Control is amending the 
Panamanian Transactions Regulations to terminate the residual blocking 
of Government of Panama assets, effective November 4, 1994. This action 
terminates the Panamanian program of the Office of Foreign Assets 
Control. Authority to take enforcement action for sanctions violations 
is not affected by this action.

EFFECTIVE DATE: November 4, 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. Because all such 
claims known to the Office of Foreign Assets Control (``FAC'') and 
arising prior to the lifting of sanctions have either been settled or 
provided for by the Government of Panama, including its agencies, 
instrumentalities, and controlled entities such as Air Panama, the 
residual blocking has fulfilled its purpose. Therefore, FAC is revising 
Sec. 565.510 of the Panamanian Transactions Regulations, 31 CFR part 
565 (the ``Regulations''), to authorize, November 4, 1994, all 
transactions otherwise prohibited by the Regulations with respect to 
property and property interests in which the Government of Panama has 
an interest.
    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 565

    Blocking of assets, Foreign claims, Panama, Penalties, Reporting 
and recordkeeping requirements, Transfer of assets.

    For the reasons set forth in the preamble, 31 CFR part 565 is 
amended as follows:

PART 565--PANAMANIAN TRANSACTIONS REGULATIONS

    1. The authority citation for part 565 continues to read as 
follows:

    Authority: 50 U.S.C. 1701-1706, E.O. 12635, 53 FR 12134 (April 
12, 1988), 3 CFR, 1988 Comp., p. 563; E.O. 12710, 55 FR 13099 (April 
6, 1990), 3 CFR, 1990 Comp., p. 282.

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

    2. The heading and text of Sec. 565.510 are revised to read as 
follows:


Sec. 565.510 Government of Panama assets unblocked.

    (a) Effective November 4, 1994, all transactions involving property 
in which the Government of Panama has an interest that would otherwise 
be prohibited by this part are authorized.
    (b) Nothing in this section shall authorize transactions prior to 
November 4, 1994, that were prohibited by this part when transacted. 
Enforcement actions with respect to violations of this part are not 
affected by this section.


    Dated: October 11, 1994.
Steven I. Pinter,
Acting Director, Office of Foreign Assets Control.

    Approved: October 11, 1994.
R. Richard Newcomb,
Acting Deputy Assistant Secretary (Law Enforcement).

[FR Doc. 94-27345; Filed 11-3-94; 8:45 am]
BILLING CODE 4810-25-F