FINAL RULES
PUBLISHED IN THE FEDERAL REGISTER DURING 2000
TREASURY DEPARTMENT, OFFICE OF FOREIGN ASSET CONTROL
FOREIGN ASSET CONTROL REGULATIONS
(31 CFR Part 500 et seq.)
NOTE: CHANGES TO THE FOREIGN ASSET CONTROL REGULATIONS LISTED BELOW ARE NUMBERED CONSECUTIVELY, BEGINNING IN JANUARY OF THE NEW YEAR.
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1.
Reporting
and Procedures Regulations: Mandatory
License Application Form for Unblocking Funds
Transfers
(65 FR 10707 on February 29, 2000)
Commentary:
This rule amends the Reporting and Procedures Regulations, 31 CFR part 501 (the
“Regulations”), to require that license applicants seeking to unblock funds
transfers under the various economic sanctions programs administered by OFAC
submit their application in a standardized format. OFAC developed form number TD-F90-22.54 (OMB #1505-1070) for
this purpose. OFAC is amending §
501.801 of the Regulations to make this form mandatory for applicants seeding
the unblocking of funds transfers, and to require that the filing including the
original signed application and two duplicate submissions of the entire
application package. Section 501.801 of the Regulations is also being amended to
require that all applications must be filed by mail or courier. Applications
will no longer be accepted by fax or electronically, unless otherwise
authorized. However, the
application form for the unblocking of funds transfers will continue to be
available on OFAC’s website, where it may be completed but not signed
electronically, and on OFAC’s fax-on-demand service.
2. Blocked
Persons, Specially Designated Nationals, Specially Designated Terrorists,
Foreign Terrorist Organizations, and Specially Designated Narcotics Traffickers:
Additional Designations and Removal and Supplementary Information on Specially
Designated Narcotics Traffickers. (65 FR 17590 on April 4, 2000)
Commentary: The Treasury Department is amending
Appendix A to 31 CFR Chapter V by adding the names of 11 individuals and 20
entities and supplementing information concerning 15 individuals and 2 entities
who have been designated as specially designated narcotics traffickers. The entry for one individual (NUNEZ
PEDROZA, Humberto) listed as a specially designated narcotics trafficker is
being removed from Appendix A. This amendment is effective March 29, 2000.
3.
Foreign Assets Control
Regulations. (65 FR
38165 on June 19, 2000)
Commentary:
The Treasury Department is amending the Foreign Assets Control Regulations to
implement the President’s September 17, 1999, determination to ease sanctions
against North Korea. This final
rule authorizes new financial, trade, and other transactions with North Korea
and its nationals. An import
notification and approval procedure will be required for all imports from North
Korea. This final rule does not
unblock assets within U.S. jurisdiction blocked prior to this time, nor does it
affect enforcement actions with respect to prior violations of the embargo. See also corresponding
regulations published by the Commerce Department’s Bureau of Export
Administration affecting exports to North Korea, described elsewhere in this
memo. In addition, please note that
the Transportation Department repealed restrictions against U.S. registered
vessels and aircraft from traveling to North Korea (65 FR 38164 on June 19,
2000)
4. Blocked Persons, Specially Designated Nationals,
Specially Designated Terrorists, Foreign Terrorist Organizations, and Specially
Designated Narcotics Traffickers: Addition of Persons Blocked Pursuant to 31 CFR
Part 538, 31 CFR Part 597, or Executive Order 13129. (65 FR
39100 on June 23, 2000)
Commentary:
The Treasury Department is amending Appendix A to 31 CFR Chapter V to revise the
names of foreign terrorist organizations whose funds are required to be blocked
by U.S. financial institutions; add the names of the Taliban and three entities
and one individual determined to be owned or controlled by, or to act for or on
behalf of, the Taliban in Afghanistan; and add the names of two entities
determined to be owned or controlled by, or to act for or on behalf of, the
Government of Sudan.
5. Reporting and Procedures Regulations; Foreign
Narcotics Kingpin Sanctions Regulations (65 FR 41334 on July 5, 2000)
Commentary: The Treasury Department is amending the Foreign Assets Control Regulations for its Reporting and Procedures Regulations, and issuing the Foreign Narcotics Kingpin Sanctions Regulations (31 CFR 598), in implementation of the Foreign Narcotics Kingpin Designation Act. The Foreign Narcotics Kingpin Designation Act provides authority for the application of sanctions to significant foreign narcotics traffickers and their organizations operating worldwide. Specifically, Section 805(b) of the Act blocks all property and interests in property within the United States or within the possession or control of any United States person, which are owned or controlled by significant foreign narcotics traffickers, as identified by the President, or foreign persons designated by the Secretary of the Treasury in consultation with the Attorney General, the director of Central Intelligence, the Director of the Federal Bureau of Investigation, the Administrator of the Drug Enforcement Administration, the Secretary of Defense and the Secretary of State.