[Federal Register Volume 82, Number 248 (Thursday, December 28, 2017)]
[Rules and Regulations]
[Pages 61450-61451]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-28023]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control

31 CFR Part 576


Iraq Stabilization and Insurgency Sanctions Regulations

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Final rule.

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SUMMARY: The Department of the Treasury's Office of Foreign Assets 
Control (OFAC) is adopting a final rule amending the Iraq Stabilization 
and Insurgency Sanctions Regulations to implement Executive Order 
(E.O.) 13668 of May 27, 2014 (``Ending Immunities Granted to the 
Development Fund for Iraq and Certain Other Iraqi Property and 
Interests in Property Pursuant to Executive Order 13303, as Amended''). 
These amendments also implement certain technical and conforming 
changes.

DATES: Effective: December 28, 2017.

[[Page 61451]]


FOR FURTHER INFORMATION CONTACT: The Department of the Treasury's 
Office of Foreign Assets Control: Assistant Director for Licensing, 
tel.: 202-622-2480, Assistant Director for Regulatory Affairs, tel.: 
202-622-4855, Assistant Director for Sanctions Compliance & Evaluation, 
tel.: 202-622-2490; or the Department of the Treasury's Office of the 
Chief Counsel (Foreign Assets Control), Office of the General Counsel, 
tel.: 202-622-2410.

SUPPLEMENTARY INFORMATION:

Electronic Availability

    This document and additional information concerning OFAC are 
available from OFAC's website (www.treasury.gov/ofac).

Background

    OFAC issued the Iraq Stabilization and Insurgency Sanctions 
Regulations, 31 CFR part 576 (the ``Regulations''), on September 13, 
2010 (see 75 FR 55463), as a final rule to implement E.O. 13303 (68 FR 
31931, May 28, 2003) (E.O. 13303), E.O. 13315 (68 FR 52315, September 
3, 2003), E.O. 13350 (69 FR 46055, July 30, 2004), E.O. 13364 (69 FR 
70177, December 2, 2004) (E.O. 13364), and E.O. 13438 (72 FR 39719, 
July 19, 2007). OFAC has amended the Regulations on several occasions. 
Today, OFAC is making amendments to the Regulations to implement E.O. 
13668 (79 FR 31019, May 29, 2014) (E.O. 13668).
    In support of the orderly reconstruction of Iraq, the restoration 
and maintenance of peace and security in Iraq, and the development of 
political, administrative, and economic institutions in Iraq, E.O. 
13303, as amended by E.O. 13364, prohibited and deemed null and void, 
with certain limited exceptions, any attachment, judgment, decree, 
lien, execution, garnishment, or other judicial process with respect 
to: (i) The Development Fund for Iraq; (ii) all Iraqi petroleum and 
petroleum products, and interests therein, but only until title passes 
to the initial purchaser, 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 thereafter came within the United States, or that were or 
thereafter came within the possession or control of United States 
persons; and (iii) any accounts, assets, investments, or any other 
property of any kind owned by, belonging to, or held by the Central 
Bank of Iraq, or held, maintained, or otherwise controlled by any 
financial institution of any kind in the name of, on behalf of, or 
otherwise for the Central Bank of Iraq.
    E.O. 13668 terminated the protections granted under amended E.O. 
13303 in response to the changed circumstances in Iraq, including the 
Government of Iraq's progress in resolving and managing the risk 
associated with outstanding debts and claims arising from actions of 
the previous regime. Today, OFAC is amending the Regulations to 
implement E.O. 13668 by removing the regulatory provisions that 
implemented the protections granted under amended E.O. 13303. These 
amendments also make certain technical and conforming changes.

Public Participation

    Because the amendment of the Regulations involves a foreign affairs 
function, the provisions of E.O. 12866 and the Administrative Procedure 
Act (5 U.S.C. 553) requiring notice of proposed rulemaking, opportunity 
for public participation, and delay in effective date, as well as the 
provisions of E.O. 13771, 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.

Paperwork Reduction Act

    The collections of information related to the Regulations are 
contained in 31 CFR part 501 (the ``Reporting, Procedures, and 
Penalties Regulations''). Pursuant to the Paperwork Reduction Act of 
1995 (44 U.S.C. 3507), those collections of information have been 
approved by the Office of Management and Budget under control number 
1505-0164. An agency may not conduct or sponsor, and a person is not 
required to respond to, a collection of information unless the 
collection of information displays a valid control number.

List of Subjects in 31 CFR Part 576

    Administrative practice and procedure, Banks, banking, Foreign 
trade, Iraq, Petroleum, Sanctions.

    For the reasons set forth in the preamble, the Department of the 
Treasury's Office of Foreign Assets Control amends 31 CFR part 576 as 
follows:

PART 576--IRAQ STABILIZATION AND INSURGENCY SANCTIONS REGULATIONS

0
1. The authority citation for part 576 is revised to read as follows:

    Authority:  3 U.S.C. 301; 22 U.S.C. 287c; 31 U.S.C. 321(b); 50 
U.S.C. 1601-1651, 1701-1706; Pub. L. 110-96, 121 Stat. 1011; E.O. 
13303, 68 FR 31931, 3 CFR, 2003 Comp., p. 227; E.O. 13315, 68 FR 
52315, 3 CFR, 2003 Comp., p. 252; E.O. 13350, 69 FR 46055, 3 CFR, 
2004 Comp., p. 196; E.O. 13364, 69 FR 70177, 3 CFR, 2004 Comp., p. 
236; E.O. 13438, 72 FR 39719, 3 CFR, 2007 Comp., p. 224; E.O. 13668, 
79 FR 31019, 3 CFR, 2014 Comp., p. 248.

Subpart B--Prohibitions


Sec.  576.206  [Removed]

0
2. Remove Sec.  576.206 from subpart B.

Subpart C--General Definitions

0
3. Amend Sec.  576.303 by:
0
a. Revising paragraphs (a) and (c);
0
b. In paragraph (b), adding the word ``and'' after the semi-colon; and
0
c. Removing paragraphs (d) and (e).
    The revisions read as follows:


Sec.  576.303  Effective date.

* * * * *
    (a) With respect to a person whose property and interests in 
property are blocked pursuant to Sec.  576.201(a)(1):
    (1) 12:01 a.m. eastern daylight time, August 29, 2003, for those 
persons listed on the Annex to Executive Order 13315; and
    (2) 12:01 a.m. eastern daylight time, July 30, 2004, for those 
persons added to the Annex to Executive Order 13315 by Executive Order 
13350;
* * * * *
    (c) With respect to the transactions prohibited by Sec.  576.201(b) 
or Sec.  576.208, 12:01 a.m. eastern daylight time, July 30, 2004.


Sec.  576.308   [Removed]

0
4. Remove Sec.  576.308 from Subpart C.

Subpart D--Interpretations


Sec.  576.404  [Amended]

0
5. In Sec.  576.404, remove paragraph (c).

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


Sec.  576.508   [Removed]

0
6. Remove Sec.  576.508 from subpart E.

    Dated: December 22, 2017.
John E. Smith,
Director, Office of Foreign Assets Control.
[FR Doc. 2017-28023 Filed 12-27-17; 8:45 am]
 BILLING CODE 4810-AL-P