[Federal Register Volume 69, Number 146 (Friday, July 30, 2004)]
[Rules and Regulations]
[Pages 46090-46093]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-17615]



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Part VIII





Department of the Treasury





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Office of Foreign Assets Control



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31 CFR Part 575



Implementation of Executive Order 13315 with Respect to Iraq; General 
License No. 1; Final Rule

  Federal Register / Vol. 69, No. 146 / Friday, July 30, 2004 / Rules 
and Regulations  

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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 575


Implementation of Executive Order 13315 with Respect to Iraq; 
General License No. 1

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Final rule; publication of general license.

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SUMMARY: The Office of Foreign Assets Control (``OFAC'') of the U.S. 
Department of the Treasury is amending the Iraqi Sanctions Regulations, 
in light of the President's termination of the national emergency 
declared in Executive Order 12722. OFAC is also issuing General License 
No. 1 under Executive Order 13315 to allow certain transactions related 
to Iraq under that Executive Order.

DATES: This rule is effective July 30, 2004, except that 31 CFR 
575.533(a), (b)(1), (b)(3), (b)(4) and (b)(5) are effective May 23, 
2003.

FOR FURTHER INFORMATION CONTACT: OFAC's Chief of Licensing, tel. 202/
622-2480, Chief of Policy Planning and Program Management, tel. 202/
622-4855, or Chief Counsel, tel. 202/622-2410.

SUPPLEMENTARY INFORMATION: 

Background

    On August 2, 1990, upon Iraq's invasion of Kuwait, the President 
issued Executive Order 12722, declaring a national emergency with 
respect to Iraq. This order, issued under the authority of, inter alia, 
the International Emergency Economic Powers Act (50 U.S.C. 1701 et 
seq.), the National Emergencies Act (50 U.S.C. 1601 et seq.), and 
section 301 of title 3 of the U.S. Code, imposed economic sanctions 
against Iraq, including a complete trade embargo and a freeze of 
Government of Iraq property and interests in property. In keeping with 
United Nations Security Council Resolution 661 of August 6, 1990, and 
under the United Nations Participation Act (22 U.S.C. 287c), the 
President also issued Executive Order 12724 of August 9, 1990, which 
imposed additional restrictions. The Iraqi Sanctions Regulations, 31 
CFR part 575 (the ``Regulations''), implement Executive Orders 12722 
and 12724 and are administered by the Treasury Department's Office of 
Foreign Assets Control (``OFAC'').
    On May 22, 2003, the United Nations Security Council adopted 
Resolution 1483, which substantially lifted the multilateral economic 
sanctions with respect to Iraq. On May 23, 2003, the Treasury 
Department issued a general license consistent with Resolution 1483. 
That general license was published as new section 575.533 of the 
Regulations.
    On August 28, 2003, President Bush signed Executive Order 13315, 
``Blocking Property of the Former Iraqi Regime, Its Senior Officials 
and Their Family Members, and Taking Certain Other Actions,'' invoking 
the authority of, inter alia, the International Emergency Economic 
Powers Act (50 U.S.C. 1701 et seq.), the National Emergencies Act (50 
U.S.C. 1601 et seq.), the United Nations Participation Act (22 U.S.C. 
287c), and section 301 of title 3 of the U.S. Code. This Executive 
Order expands a national emergency first declared in Executive Order 
13303 of May 22, 2003, regarding the reconstruction of Iraq. Both 
Executive Orders were issued in view of obligations established in 
United Nations Security Council Resolution 1483.
    The national emergency declared in Executive Order 13303 and 
expanded in Executive Order 13315 is distinct from the national 
emergency declared in Executive Order 12722, upon which the Iraqi 
Sanctions Regulations are based. Although based on distinct national 
emergencies, however, the sanctions imposed in Executive Order 13315 
overlap in some respects with the sanctions imposed by the Iraqi 
Sanctions Regulations. Consequently, on March 16, 2004, to synchronize 
the legal effects of both the Regulations and Executive Order 13315, 
the Treasury Department revised section 575.533 of the Regulations and 
issued General License No. 1 under Executive Order 13315.
    The President has issued an Executive order terminating the 
national emergency declared in Executive Order 12722. Notwithstanding 
the termination of the national emergency, this new Executive order, 
pursuant to the President's authority under section 207 of IEEPA (50 
U.S.C. 1706), continues prohibitions with regard to transactions 
involving any property blocked pursuant to Executive Order 12722 or 
Executive Order 12724 that remains blocked as of July 30, 2004. 
Moreover, the new Executive order indicates that the termination 
``shall not affect any action taken or proceeding pending but not 
concluded'' as of July 30, 2004, nor will it affect ``any rights or 
duties that had matured'' prior to that date. However, among other 
things, the President's termination of the national emergency in 
Executive Order 12722 will end as of July 30, 2004, the import and 
export prohibitions imposed pursuant to that order, Executive Order 
12724, and related regulations, including the Iraqi Sanctions 
Regulations, 31 CFR part 575.

1. Revision of 31 CFR 575.533

    In light of the President's action terminating the national 
emergency declared in Executive Order 12722, the Treasury Department is 
further revising section 575.533 to clarify the impact of the 
President's action, and to clarify the impact of a revised rule 
regarding Iraq issued today by the Commerce Department, on certain 
specific licenses issued by OFAC pursuant to Executive Order 12722 and 
the Iraqi Sanctions Regulations, 31 CFR part 575. In addition, today's 
amendment to section 575.533 will recognize the transfer to the 
Commerce Department of licensing jurisdiction over exports from the 
United States to Iraq. Effective July 30, 2004, all applications for 
exportation or reexportation to Iraq of any items controlled by the 
Department of Commerce under the Export Administration Regulations (15 
CFR parts 730 through 799) for exportation to Iraq are to be submitted 
to the Department of Commerce, Bureau of Industry and Security.
    Paragraph (a) of section 575.533 indicates that between May 23, 
2003 and July 30, 2004, all transactions were authorized that were 
otherwise prohibited by subpart B of the Regulations, with three 
exceptions addressed in paragraph (b). Paragraph (b)(1) of section 
575.533 provides that all property and interests in property, including 
accounts, that were blocked as of May 23, 2003, pursuant to Executive 
Order 12722 or Executive Order 12724, or subpart B of the Regulations, 
remain blocked and subject to the prohibitions and requirements of the 
Regulations.
    As mentioned above, the President's termination of the national 
emergency in Executive Order 12722, as of July 30, 2004, ends the 
Treasury Department's jurisdiction over exports and reexports to Iraq 
and that jurisdiction transfers to the Department of Commerce. 
Consequently, paragraph (b)(2) of section 575.533 is revised to remove 
reference to OFAC's issuance of specific licenses for the exportation 
of certain goods to Iraq. That paragraph is further revised to indicate 
that as of July 30, 2004, OFAC will not accept license applications for 
exports or reexports to Iraq. On or after July 30, 2004, all inquiries 
or applications regarding exports or reexports to Iraq should be made 
to the Bureau of Industry and Security, Department of Commerce. All

[[Page 46091]]

OFAC licenses for the exportation or reexportation of goods, software 
or technology to Iraq issued pursuant to part 575 shall remain valid 
until the expiration date stated in the license, or if no expiration 
date is provided in the license, until July 30, 2005. It also indicates 
that OFAC license holders will be subject to certain additional 
requirements consistent with the revised rule regarding Iraq that 
Department of Commerce issued today. These include requirements to keep 
certain records, to secure Commerce Department approval prior to 
transfer of OFAC-licensed exports to new end-users, and to conform any 
OFAC-licensed reexports from Iraq to another country to the relevant 
provisions based on the items being reexported and the country to which 
they are being reexported.
    Paragraph (b)(3) of section 575.533 removes the prior reference to 
two of three classes of persons with whom transactions were not 
authorized: (ii) persons on the Defense Department's 55-person Watch 
List referred to in what had been paragraph (b)(3)(ii), and (iii) 
persons identified by the 661 Committee pursuant to paragraphs 19 and 
23 of United Nations Security Council Resolution 1483, adopted May 22, 
2003, referred to in what had been (b)(3)(iii). Transactions with these 
two classes of person are now prohibited pursuant to Executive Order 
13315. As revised, paragraph (b)(3) of section 575.533 now specifically 
refers only to those persons who are listed in Appendix A to chapter V 
of title 31, Code of Federal Regulations (commonly referred to as the 
``Specially Designated Nationals List''--or ``SDN List'').
    Notwithstanding paragraph (b)(3), paragraph (b)(4) of section 
575.533 lifts economic sanctions for certain specified entities even 
though they are Iraqi SDNs and appear on the list in Appendix A of 
chapter V, title 31, Code of Federal Regulations. This revision makes 
clear that U.S. persons may engage in economic transactions with these 
entities and, thereby, contribute to the orderly and expeditious 
reconstruction of Iraq.
    Paragraph (b)(5) of section 575.533 provides that the general 
license does not authorize transactions with respect to Iraqi cultural 
property or other items of archaeological, historical, cultural, rare 
scientific, and religious importance illegally removed from the Iraq 
National Museum, the National Library, and other locations in Iraq 
since August 6, 1990. Any trade in or transfer of such items, including 
items with respect to which reasonable suspicion exists that they have 
been illegally removed, remains prohibited. The note to paragraph (b) 
(5) refers inquiries concerning particular Iraqi cultural property to 
the Cultural Property Office at the Department of State.
    Paragraph (c) of section 575.533 provides that the effective date 
paragraphs (a), (b)(1), (b)(3), (b)(4) and (b)(5) of the section is May 
23, 2003. The effective date of paragraph (b)(2) of the section is July 
30, 2004.

2. Promulgation of General License No. 1 Under Executive Order 13315

    Paragraph (a) of General License No. 1 under Executive Order 13315 
permits all transactions with state bodies, corporations, or agencies 
of the former Iraqi regime that are prohibited by section 1 of 
Executive Order 13315, with four exceptions described in paragraph (b). 
Paragraph (b)(1) of General License No. 1 specifies that all property 
and interests in property of those persons named in the Annex to 
Executive Order 13315 or later determined to be subject to the 
Executive Order are to remain blocked and subject to the prohibitions 
and requirements of the Executive Order.
    Paragraph (b)(2) of General License No. 1 states that all property 
and interests in property, including accounts, that were blocked 
pursuant to subpart B of the Iraqi Sanctions Regulations, 31 CFR part 
575, as of May 23, 2003, shall remain blocked. Paragraph (b)(3) of 
General License No. 1 states that the general license does not permit 
transactions with those persons that are listed in Appendix A to 
chapter V of title 31, Code of Federal Regulations (commonly referred 
to as the ``Specially Designated Nationals List''--or ``SDN List''), 
except for those organizations listed in paragraph (b)(4).
    Notwithstanding paragraph (b)(3), paragraph (b)(4) of General 
License No. 1 lifts economic sanctions on certain entities, even though 
they are Iraqi SDNs and are listed in Appendix A to chapter V of Title 
31, Code of Federal Regulation. This provision makes clear that U.S. 
persons may engage in economic transactions with these entities and, 
thereby, contribute to the orderly and expeditious reconstruction of 
Iraq. Note that the list of entities in paragraph (b)(4) of section 
575.533 and the list in paragraph (b)(4) of General License No. 1 are 
identical.
    Finally, paragraph (b)(5) of General License No. 1 provides that 
the general license does not authorize transactions with respect to 
Iraqi cultural property or other items of archaeological, historical, 
cultural, rare scientific, and religious importance illegally removed 
from the Iraq National Museum, the National Library, and other 
locations in Iraq since August 6, 1990. Any trade in or transfer of 
such items, including items with respect to which reasonable suspicion 
exists that they have been illegally removed, remains prohibited by 
subpart B of the Regulations. The note to paragraph (b)(4) refers 
inquiries concerning particular Iraqi cultural property to the Cultural 
Property Office at the Department of State.
    Paragraph (c) of General License No. 1 indicates that the effective 
date of this license is August 29, 2003. That is the date that 
Executive Order 13315 became effective.

3. Transactions Authorized Under 31 CFR 575.533 and General License No. 
1

    Examples of transactions authorized by section 575.533 and General 
License No. 1 include investment by U.S. persons in Iraq, the 
importation of goods or services of Iraqi origin (with the exception of 
the cultural properties described in paragraph (b)(3)), travel-related 
transactions involving Iraq, the transfer of funds to or from Iraq, and 
transactions related to transportation to or from Iraq. This 
authorization, however, does not eliminate the need to comply with 
other provisions of 31 CFR chapter V or with other applicable 
provisions of law, including any aviation, financial, or trade 
requirements of agencies other than OFAC. Such requirements include the 
Export Administration Regulations (15 CFR parts 730 et seq.) 
administered by the Bureau of Industry and Security, Department of 
Commerce, and the International Traffic in Arms Regulations (22 CFR 
chapters 120-130) administered by the Department of State.

Procedural Matters

    Because this rule involves a foreign affairs function of the United 
States, the provisions of Executive Order 12866 and the Administrative 
Procedure Act (5 U.S.C. 553) (the ``APA'') requiring notice of proposed 
rulemaking, opportunity for public participation, and delay in 
effective date, are inapplicable. Because no notice of proposed 
rulemaking is required, the provisions of the Regulatory Flexibility 
Act (5 U.S.C. Chapter 6) do not apply.

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 and type ``/GO FAC,'' or call 202/512-1530 for 
disk or paper copies. This file is available for downloading without 
charge in ASCII and Adobe

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Acrobat readable (*.PDF) formats. For Internet access, the address for 
use with the World Wide Web, Telnet, or FTP protocol is 
fedbbs.access.gpo.gov. This document and additional information 
concerning OFAC are available from OFAC's Web site: http://www.treas.gov/ofac.

Paperwork Reduction Act

    The collections of information related to these regulations can be 
found in 31 CFR part 501. Pursuant to the Paperwork Reduction Act of 
1995 (44 U.S.C. 3507), those collections of information have been 
previously approved by the Office of Management and Budget under 
control number 1505-0164.

List of Subjects in 31 CFR Part 575

    Administrative practice and procedure, Banks, banking, Blocking of 
assets, Exports, Foreign trade, Humanitarian aid, Imports, Iran, Iraq, 
Oil imports, Penalties, Petroleum, Petroleum products, Reporting and 
recordkeeping requirements, Specially designated nationals, Terrorism, 
Travel restrictions.

0
For the reasons stated in the preamble, 31 CFR part 575 is amended as 
set forth below:

PART 575--IRAQI SANCTIONS REGULATIONS

0
1. The authority citation for 31 CFR part 575 is revised to read as 
follows:

    Authority: 3 U.S.C. 301; 18 U.S.C. 2332d; 22 U.S.C. 287c; Pub. 
L. 101-410, 104 Stat. 890 (28 U.S.C. 2461 note); 31 U.S.C. 321(b); 
50 U.S.C. 1601-1651, 1701-1706; Pub. L. 101-513, 104 Stat. 2047-2055 
(50 U.S.C. 1701 note); E.O. 12722, 55 FR 31803, 3 CFR, 1990 Comp., 
p. 294; E.O. 12724, 55 FR 33089, 3 CFR, 1990 Comp., p. 297; E.O. 
12817, 57 FR 48433, 3 CFR, 1992 Comp., p. 317.; E.O. 13350 of July 
29, 2004.

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

0
2. Section 575.533 is revised to read as follows:


Sec.  575.533--Certain  new transactions.

    (a) New transactions. Except as provided in paragraph (b) of this 
section, on or after May 23, 2003 and prior to July 30, 2004, all 
transactions that are otherwise prohibited by subpart B of this part 
are authorized.


    Note to Sec.  575.533(a): This authorization does not eliminate 
the need to comply with Executive Order 13315, ``Blocking Property 
of the Former Iraqi Regime, Its Senior Officials and Their Family 
Members, and Taking Certain Other Actions,'' or other provisions of 
31 CFR chapter V, or with other applicable provisions of law, 
including any aviation, financial, or trade requirements of agencies 
other than the Department of the Treasury's Office of Foreign Assets 
Control. Such requirements include the Export Administration 
Regulations (15 CFR parts 730 through 799) administered by the 
Bureau of Industry and Security, Department of Commerce, and the 
International Traffic in Arms Regulations (22 CFR parts 120 through 
130) administered by the Department of State.


    (b) Continued blocking, special provisions for certain exports and 
reexports, and additional conditions.
    (1) All property and interests in property that were blocked as of 
May 23, 2003, pursuant to Executive Orders 12722 or 12724, or subpart B 
of this part, remain blocked and subject to the prohibitions and 
requirements of this part.
    (2)(i) Any specific license issued by the Treasury Department 
before July 30, 2004, for the exportation from the United States, or, 
if subject to U.S. jurisdiction, the exportation or reexportation from 
a third country to Iraq of any items (including technical data or other 
information) controlled by the Department of Commerce under the Export 
Administration Regulations (15 CFR parts 730 through 799) for 
exportation to Iraq shall expire on the date set forth in that license, 
or, if no expiration date is provided in that license, on July 30, 
2005.


    Note to Sec.  575.533(b)(2)(i): Effective July 30, 2004, with 
the termination of the national emergency declared in Executive 
Order 12722 and the revocation of that Executive order, OFAC's 
authority to license exports and reexports to Iraq ceases, and the 
licensing jurisdiction for exports and reexports to Iraq will be 
transferred back to the Department of Commerce. All OFAC license 
applications pending but not acted upon before July 30, 2004, will 
be returned to applicants and applicants will be required to 
resubmit them to the Department of Commerce using the appropriate 
Department of Commerce forms. Moreover, as July 30, 2004, OFAC will 
not accept any applications for licenses for exports or reexports to 
Iraq. On or after July 30, 2004, all inquiries and applications 
regarding such exports or reexports are to be made to the Exporter 
Services Office, Bureau of Industry and Security, Department of 
Commerce (telephone: 202-482-4811).


    (ii) Persons issued a specific license by the Treasury Department 
before July 30, 2004, for the exportation from the United States, or if 
subject to U.S. jurisdiction, the exportation or reexportation from a 
third country to Iraq, of any items (including technical data or other 
information) controlled by the Department of Commerce under the Export 
Administration Regulations (15 CFR parts 730 through 799) must maintain 
such records as are required by 15 CFR part 746 of the Export 
Administration Regulations.


    Note to Sec.  575.533(b)(2)(ii): Pursuant to an amendment to the 
Export Administration Regulations (15 CFR parts 730 through 799), 
effective July 30, 2004, further authorization by the Department of 
Commerce will not be required for exports or reexports licensed by 
the Department of the Treasury until the Treasury Department license 
expires by its own terms, or, if no expiration date is provided in 
the license, until July 30, 2005. Those holding specific licenses 
issued by the Treasury Department for exports or reexports to Iraq 
must comply with the recordkeeping requirements found in 15 CFR 
746.3 of the Export Administration Regulations.


    (iii) Items licensed by the Treasury Department for exportation or 
reexportation to Iraq may not be transferred within Iraq to a new end-
user without further authorization from the Bureau of Industry and 
Security, Department of Commerce. Reexportation of items originally 
authorized pursuant to a specific license issued by the Treasury 
Department must conform to the relevant provision of the Export 
Administration Regulations (15 CFR parts 730 through 799) based on the 
items being reexported and the country to which they are being 
reexported.


    Note to Sec.  575.533(b)(2)(iii): Pursuant to an amendment to 
the Export Administration Regulations (15 CFR parts 730 through 
799), effective July 30, 2004, further authorization by the 
Department of Commerce will be required for exports or reexports 
licensed by the Department of the Treasury prior to the transfer of 
such items within Iraq to a new end-user. The amendment also 
requires that any reexportation of items pursuant to a specific 
license issued by the Treasury Department must conform to the 
relevant provision of the Export Administration Regulations (15 CFR 
parts 730 through 799) based on the country to which the items are 
being reexported.


    Note to Sec.  575.533(b)(2): The term ``controlled by the 
Department of Commerce'' means subject to a license requirement 
under the Department of Commerce's Export Administration Regulations 
(EAR). Items subject to a license requirement under the EAR include 
items on the Commerce Control List that require a license for 
exportation or reexportation to Iraq pursuant to 15 CFR part 742 or 
15 CFR 746.3, as well as items and activities that require a license 
under the end-use and end-user provisions of 15 CFR part 744. To 
inquire whether particular items are controlled by the Department of 
Commerce under the Export Administration Regulations for exportation 
to Iraq, the exporter or reexporter should contact the Department of 
Commerce, Bureau of Industry and Security.


    (3) This section does not authorize any transactions with persons 
listed in

[[Page 46093]]

appendix A to chapter V of title 31, Code of Federal Regulations, 
except for those organizations listed in paragraph (b)(4) of this 
section.
    (4) Notwithstanding paragraph (b)(3) of this section, and except as 
provided in paragraphs (b)(1), (2) and (5), on or after May 23, 2003, 
all transactions that are otherwise prohibited by subpart B of this 
part are authorized for the following Iraqi state bodies, corporations 
or agencies that are listed in Appendix A to chapter V, title 31, Code 
of Federal Regulations, but that are now operating under the authority 
of the coalition, an interim or transitional Iraqi government, or a 
subsequent permanent Iraqi government:

Agricultural Cooperative Bank
Al-Rafidain Shipping Company
Industrial Bank of Iraq
Iraq Reinsurance Company
Iraqi Airways
Iraqi-Jordan Land Transport Company
Iraqi State Enterprise for Maritime Transport
Rafidain Bank
Rasheed Bank
Real Estate Bank


    Note to Sec.  575.533(b)(4): Numerous other Iraqi state bodies, 
corporations, or agencies are not listed in Appendix A to chapter V, 
31 CFR. This section permits transactions with such entities on or 
after May 23, 2003. But for the operation of this paragraph (b)(4), 
these entities would be blocked under subpart B because they meet 
the definition of `Government of Iraq' in 31 CFR 575.306 or `entity 
of the Government of Iraq' in 31 CFR 575.304, whether or not they 
appeared in appendix A to chapter V, 31 CFR.


    (5) This section does not authorize any transactions with respect 
to Iraqi cultural property or other items of archaeological, 
historical, cultural, rare scientific, and religious importance 
illegally removed from the Iraq National Museum, the National Library, 
and other locations in Iraq since August 6, 1990. Any trade in or 
transfer of such items, including items with respect to which 
reasonable suspicion exists that they have been illegally removed.


    Note to Sec.  575.533(b)(5): Questions concerning whether 
particular Iraqi cultural property or other items are subject to 
this paragraph should be directed to the Cultural Property Office, 
U.S. Department of State, tel. 202-619-6612, fax 202-260-4893, Web 
site http://www.exchanges.state.gov/culprop, e-mail 
[email protected].


    (c) Effective date. Paragraphs (a), (b)(1), (b)(3), (b)(4) and 
(b)(5) of this section are effective May 23, 2003. Paragraph (b)(2) of 
this section is effective July 30, 2004.

[The following General License No. 1 will not appear in the Code of 
Federal Regulations]

General License No. 1 Issued Pursuant to Executive Order 13315 of 
August 28, 2003

    (a) Except as provided in paragraph (b) of this general license, 
on or after August 29, 2003, all transactions with state bodies, 
corporations, or agencies of the former Iraqi regime that are 
otherwise prohibited by section 1 of Executive Order 13315 are 
permitted.

    Note to paragraph (a): This authorization does not eliminate the 
need to comply with other provisions of 31 CFR chapter V or with 
other applicable provisions of law, including any aviation, 
financial, or trade requirements of agencies other than the 
Department of the Treasury's Office of Foreign Assets Control. Such 
requirements include the Export Administration Regulations (15 CFR 
parts 730 through 799) administered by the Bureau of Industry and 
Security, Department of Commerce, and the International Traffic in 
Arms Regulations (22 CFR parts 120 through 130) administered by the 
Department of State.

    (b)(1) All property and interests in property of persons listed 
in the Annex to Executive Order 13315 or determined to be subject to 
the Executive Order pursuant to section 1(b) thereof, remain blocked 
and subject to the prohibitions and requirements of Executive Order 
13315.
    (2) All property and interests in property blocked as of May 23, 
2003, pursuant to Executive Orders 12722 or 12724, or the Iraqi 
Sanctions Regulations, 31 CFR part 575, remain blocked.
    (3) This general license does not authorize any transactions 
with persons listed in appendix A to chapter V of title 31, Code of 
Federal Regulations, except for those organizations listed in 
paragraph (b)(4) of this License.
    (4) Notwithstanding paragraph (b) (3) of this License, and 
except as provided in paragraphs (b)(1), (2) and (5), on or after 
August 29, 2003, all transactions otherwise prohibited by section 1 
of Executive Order 13315 are permitted with the following Iraqi 
state bodies, corporations or agencies that are listed in appendix A 
to chapter V of title 31, Code of Federal Regulations, but that are 
now operating under the authority of the coalition, a transitional 
Iraqi government, or a subsequent permanent Iraqi government:

Agricultural Cooperative Bank
Al-Rafidain Shipping Company
Industrial Bank of Iraq
Iraq Reinsurance Company
Iraqi Airways
Iraqi-Jordan Land Transport Company
Iraqi State Enterprise for Maritime Transport
Rafidain Bank
Rasheed Bank
Real Estate Bank

    (5) This License does not authorize any transactions with 
respect to Iraqi cultural property or other items of archaeological, 
historical, cultural, rare scientific, and religious importance 
illegally removed from the Iraq National Museum, the National 
Library, and other locations in Iraq since August 6, 1990. Any trade 
in or transfer of such items, including items with respect to which 
reasonable suspicion exists that they have been illegally removed, 
remains prohibited by Executive Order 13315.

    Note to paragraph (b)(5): Questions concerning whether 
particular Iraqi cultural property or other items are subject to 
this paragraph should be directed to the Cultural Property Office, 
U.S. Department of State, tel. 202/619B6612, fax 202/260B4893, Web 
site http://www.exchanges.state.gov/culprop, e-mail 
[email protected].

    (c) This general license is effective August 29, 2003.

    Dated: July 28, 2004.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
    Approved: July 28, 2004.
Juan C. Zarate,
Assistant Secretary (Terrorist Financing), Department of the Treasury.
[FR Doc. 04-17615 Filed 7-29-04; 2:56 pm]
BILLING CODE 4810-25-P