    [Public Papers of the Presidents of the United States: William J. Clinton (1993, Book II)]
    [November 9, 1993]
    [Page 1940]
    [From the U.S. Government Publishing Office www.gpo.gov]

    [[Page 1940]]

    Message to the Congress Reporting on Panamanian Government Assets
    November 9, 1993

    To the Congress of the United States:
        I hereby report to the Congress on developments since the last
    Presidential report on April 21, 1993, concerning the continued blocking
    of Panamanian government assets. This report is submitted pursuant to
    section 207(d) of the International Emergency Economic Powers Act, 50
    U.S.C. 1706(d).
        On April 5, 1990, President Bush issued Executive Order No. 12710,
    terminating the national emergency declared on April 8, 1988, with
    respect to Panama. While this order terminated the sanctions imposed
    pursuant to that declaration, the blocking of Panamanian government
    assets in the United States was continued in order to permit completion
    of the orderly unblocking and transfer of funds that the President
    directed on December 20, 1989, and to foster the resolution of claims of
    U.S. creditors involving Panama, pursuant to 50 U.S.C. 1706(a). The
    termination of the national emergency did not affect the continuation of
    compliance audits and enforcement actions with respect to activities
    taking place during the sanctions period, pursuant to 50 U.S.C. 1622(a).
        Since the last report, $400,000 has been unblocked by specific
    license. Of the approximately $5.9 million remaining blocked at this
    time, some $5.3 million is held in escrow by the Federal Reserve Bank of
    New York at the request of the Government of Panama. Additionally,
    approximately $600,000 is held in commercial bank accounts for which the
    Government of Panama has not requested unblocking. A small residual in
    blocked reserve accounts established under section 565.509 of the
    Panamanian Transactions Regulations, 31 CFR 565.509, remains on the
    books of U.S. firms pending the final reconciliation of accounting
    records involving claims and counterclaims between the firms and the
    Government of Panama.
        I will continue to report periodically to the Congress on the
    exercise of authorities to prohibit transactions involving property in
    which the Government of Panama has an interest, pursuant to 50 U.S.C.
    1706(d).

                                                          William J. Clinton

    The White House,
    November 9, 1993.