[Federal Register Volume 65, Number 242 (Friday, December 15, 2000)]
[Notices]
[Pages 78533-78534]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-32100]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control


Payments to Persons Who Hold Certain Categories of Judgment 
Against Cuba or Iran

AGENCY: Department of the Treasury; Office of Foreign Assets Control.

ACTION: Notice.

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SUMMARY: This notice explains the manner in which the Department of the 
Treasury interprets the direction in Section 2002 of the Victims of 
Trafficking and Violence Protection Act of 2000, Public Law No. 106-386 
(``Section 2002'') to pay post-judgment interest on payments authorized 
by that section. This notice also explains that certain deficiencies in 
the information and documentation regarding payment information 
submitted by applicants will not prevent an application from being 
determined to be complying within the meaning of Part 3 of the Federal 
Register Notice published on November 22, 2000.

FOR FURTHER INFORMATION CONTACT: For questions regarding submission of 
applications, Rochelle E. Stern, Transactions Analysis Officer, Office 
of Foreign Assets Control. For legal questions, Brett D. Barkey, 
Attorney-Advisor, Office of the Chief Counsel (Foreign Assets Control). 
Both individuals can be reached at 202-622-2671 (not a toll free call).

SUPPLEMENTARY INFORMATION:

Part 1

    Section 2002 provides that persons who hold certain judgments 
against Iran or Cuba may elect to receive payments from the Department 
of the Treasury equaling 110 percent or 100 percent ``of compensatory 
damages awarded by judgment of a court on a claim or claims brought by 
the person under section 1605(a)(7) of title 28, United States Code, 
plus amounts necessary to pay post-judgment interest under section 1961 
of such title, and, in the case of a claim or claims against Cuba, 
amounts awarded as sanctions by judicial order on April 18, 2000 (as 
corrected on June 2, 2000), subject to final appellate review of that 
order,'' Section 2002(a)(1). This notice explains the manner in which 
the Department of the Treasury interprets the direction in Section 2002 
to pay post-judgment interest under that section.
    In making payments under Section 2002, subject to funds 
availability, the Department of the Treasury will pay post-judgment 
interest on 110 percent of compensatory damages or 100 percent of 
compensatory damages, according to whether the applicant elects to 
receive payment equaling 110 or 100 percent of compensatory damages. 
The Department of the Treasury will not pay post-judgment interest on 
portions of the judgment for which the applicant is not entitled to 
receive payment under Section 2002, including amounts awarded as 
punitive damages. Nor will the Department of the Treasury pay post-
judgment interest on the amounts awarded as sanctions, as Section 
2002(a)(1) does not provide for payment of post-judgment interest on 
sanctions awards.

[[Page 78534]]

Part 2

    On November 22, 2000 at 65 FR 70382, the Office of Foreign Assets 
Control, Department of the Treasury, published a Federal Register 
Notice (``November Notice'') specifying the procedures necessary for 
persons to establish eligibility for payments authorized by Section 
2002. The November Notice specified information that applicants must 
submit to establish eligibility and provided that an application would 
be determined to be ``complying if the Department of the Treasury 
determines that it has received, for its review, all the information 
and documentation specified in Part 2(a)-(f)'' of the November Notice. 
November Notice, Part 3(a).
    Part 2(a)(2) of the November Notice specifies payment information 
needed to effect a payment to the applicant. This information relates 
to the administrative processing of the payment, not to the applicant's 
eligibility for payment under Section 2002. The Department of the 
Treasury has therefore determined that deficiencies in the material 
submitted pursuant to Part 2(a)(2) of the November Notice will not 
prevent an application from being determined to be complying under Part 
3 of the November Notice. The Department of the Treasury will contact 
the applicant in order to obtain any missing or additional payment 
information under Part 2(a)(2) that the Department of the Treasury 
needs in order to effect a payment. Any information so requested must 
be provided to the Department of the Treasury in order for the 
applicant to receive payment.

    Dated: December 12, 2000.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.

    Approved: December 12, 2000.
Elisabeth A. Bresee,
Assistant Secretary (Enforcement), Department of the Treasury.
[FR Doc. 00-32100 Filed 12-13-00; 10:34 am]
BILLING CODE 4810-25-M