[Federal Register Volume 68, Number 129 (Monday, July 7, 2003)]
[Notices]
[Page 40334]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-17059]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control


Interpretive Guidance Concerning an Account Entitled ``Central 
Bank of Iraq/Oil Proceeds Receipts Account'' at the Federal Reserve 
Bank of New York

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Notice.

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SUMMARY: The Treasury Department's Office of Foreign Assets Control 
(``OFAC'') has determined that an account opened on the books of the 
Federal Reserve Bank of New York for the purpose of receiving proceeds 
of Iraqi petroleum contracts is subject to the prohibitions of 
Executive Order 13303 of May 22, 2003. Accordingly, any attachment, 
judgment, decree, lien, execution, garnishment, or other judicial 
process with respect to that account is prohibited and shall be deemed 
null and void.

DATES: Effective June 19, 2003.

FOR FURTHER INFORMATION CONTACT: Office of Foreign Assets Control, 
Department of the Treasury, Washington, DC 20220, tel.: 202/622-2500.

SUPPLEMENTARY INFORMATION: 
    In Executive Order 13303 of May 22, 2003 (the ``Order''), the 
President invoked, inter alia, the International Emergency Economic 
Powers Act (50 U.S.C. 1701 et seq.) and section 5 of the United Nations 
Participation Act (22 U.S.C. 287c) to protect the Development Fund for 
Iraq and certain other property in which Iraq has an interest. Section 
1 of the Order provides as follows:

    Unless licensed or otherwise authorized pursuant to this order, 
any attachment, judgment, decree, lien, execution, garnishment, or 
other judicial process is prohibited, and shall be deemed null and 
void, with respect to the following:

    (a) the Development Fund for Iraq, and

    (b) all Iraqi petroleum and petroleum products, and interests 
therein, and proceeds, obligations, or any financial instruments of 
any nature whatsoever arising from or related to the sale or 
marketing thereof, and interests therein, in which any foreign 
country or a national thereof has any interest, that are in the 
United States, that hereafter come within the United States, or that 
are or hereafter come within the possession or control of United 
States persons.

    OFAC's interpretive guidance concerning the scope of the Order 
follows:

    The account entitled ``Central Bank of Iraq/Oil Proceeds 
Receipts Account,'' which has been opened on the books of the 
Federal Reserve Bank of New York for the Central Bank of Iraq for 
the purpose of receiving proceeds of Iraqi petroleum contracts, is 
property subject to the prohibitions of Section 1(b) of Executive 
Order 13303 of May 22, 2003. Accordingly, any attachment, judgment, 
decree, lien, execution, garnishment, or other judicial process with 
respect to such account is prohibited and shall be deemed null and 
void.

    Dated: June 20, 2003.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.

    Approved: June 23, 2003.
Juan C. Zarate,
Deputy Assistant Secretary (Terrorist Financing and Financial Crimes), 
Department of the Treasury.
[FR Doc. 03-17059 Filed 7-1-03; 3:05 pm]
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