[Federal Register Volume 59, Number 226 (Friday, November 25, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29111]


[[Page Unknown]]

[Federal Register: November 25, 1994]


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DEPARTMENT OF THE TREASURY


Office of Foreign Assets Control

31 CFR Part 500

 

Foreign Assets Control Regulations; Unblocking of Cambodian 
Assets

AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Final rule.

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SUMMARY: Pursuant to the settlement agreement entered into on October 
6, 1994, between the Government of the United States and the Royal 
Cambodian Government, the Office of Foreign Assets Control is 
unblocking assets in which Cambodia or a national thereof has an 
interest, blocked pursuant to the Foreign Assets Control Regulations.

EFFECTIVE DATE: November 25, 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

    On January 3, 1992, former President Bush lifted the trade embargo 
against Cambodia and authorized new financial and other transactions 
with Cambodia and its nationals. Property blocked as of January 2, 
1994, because of an interest therein of Cambodia or its nationals, 
however, remained blocked pending a settlement agreement between the 
two countries. On October 6, 1994, a settlement was reached between the 
United States Government and the Royal Cambodian Government, providing 
that Cambodian property be unblocked. Accordingly, this rule amends 
Sec. 500.570 of the Foreign Assets Control Regulations, 31 CFR part 
500, to unblock assets in which there is an interest of Cambodia or a 
national thereof effective November 25, 1994, with the exception of 
funds blocked in the name of the Exchange Support Fund for the Khmer 
Republic (the ``ESF''). ESF funds, representing contributions of 
various countries to assist in financing Cambodia's foreign exchange 
costs of imports and related services, will be unblocked in 
coordination with the various donor countries.
    The authorization in Sec. 500.570 does not excuse compliance with 
any applicable provision of law, nor compliance with reporting 
requirements imposed by general or specific licenses with respect to 
transactions prior to November 25, 1994. Further, the amendment does 
not affect penalty or enforcement proceedings with respect to 
violations of part 500 arising prior to that date.
    Because the FACR 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, Cambodia, 
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 follows:

PART 500--FOREIGN ASSETS CONTROL REGULATIONS

    1. The authority citation for part 500 is revised to read as 
follows:
    Authority: 50 U.S.C. App. Secs. 1-44; E.O. 9193, 7 FR 5205, 3 
CFR, 1938-1943 Comp. p. 1174; E.O. 9989, 13 FR 4891, 3 CFR, 1943-
1948 Comp., p. 748.

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

    2. Section 500.570 is revised to read as follows:


Sec. 500.570  Cambodian property unblocked.

    All transactions otherwise prohibited by this part which involve 
property in which Cambodia or a national thereof has an interest, other 
than property blocked in the name of the Exchange Support Fund for the 
Khmer Republic, are authorized.

    Dated: November 1, 1994.
Steven I. Pinter,
Acting Director, Office of Foreign Assets Control.
    Approved: November 7, 1994.
R. Richard Newcomb,
Acting Deputy Assistant Secretary (Law Enforcement).

[FR Doc. 94-29111 Filed 11-23-94; 8:45 am]
BILLING CODE 4810-25-F