[Weekly Compilation of Presidential Documents Volume 29, Number 45 (Monday, November 15, 1993)]
[Page 2310]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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.