FINAL RULES
PUBLISHED IN THE FEDERAL REGISTER DURING 1996
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. Federal Republic of Yugoslavia (Serbia and Montenegro) and Bosnian Serb-Controlled Areas of the Republic of Bosnia and Herzegovina Sanctions Regulations; Partial Suspension of Sanctions (61 FR 1282 on January 19, 1996)
Commentary: Implementing Presidential Determination No. 96-7 of December 27, 1995, the Treasury Department’s Office of Foreign Assets Control has amended the embargo regulations by adding a new Section 585.25 to authorize prospectively those transactions previously prohibited with respect to Serbia, Montenegro and the Bosnian Serbs, including exports from the United States and reexports from third countries. However, assets previously blocked remain blocked until claims or encumbrances with respect to such assets can be resolved. Furthermore, notwithstanding the language in Presidential Determination No. 96-7 authorizing the Treasury Department to lift the sanctions "immediately", this regulation does not authorize retroactively shipments which may have occurred between December 27, 1995 and the effective date (January 16, 1996).
2. Terrorism Sanctions Regulations (61 FR 3805 on February 2, 1996)
Commentary: The Treasury Department’s Office of Foreign Assets Control has issued comprehensive regulations which implement the President’s Executive Order 12947 in which he declared a national emergency with respect to "grave acts of violence committed by foreign terrorist organizations that disrupt the Middle East peace process." These regulations affect property and interests in property of 12 terrorist organizations designated in the Executive Order and others designated by the Treasury Department.
3. Iranian Assets Control Regulations; Shams Pahlavi Assets Unblocked (61 FR 8216 on March 4, 1996)
Commentary: The Treasury Department’s Office of Foreign Assets Control has amended the Iranian Assets Control Regulations to remove Shams Pahlavi (the sister of the former Shah of Iran) from the list of persons whose U.S. assets were blocked, because all pending litigation against her has been terminated.
4. Foreign Assets Control Regulations; Humanitarian Donations to North Korea (61 FR 9343 on March 8, 1996)
Commentary: The Treasury Department’s Office of Foreign Assets Control has amended the Foreign Assets Control Regulations to permit all transactions with respect to the donation of funds to the United Nations and the International Red Cross for humanitarian assistance as well as transactions related to donations of goods to meet basic human needs from U.S. persons located in third countries to North Korea.
5. List of Specially Designated Narcotics Traffickers; Additional Designations (61 FR 9523 on March 8, 1996)
Commentary: The Treasury Department’s Office of Foreign Assets Control has added names of 138 individuals and 60 entities, and revised the entries for 8 individuals, on the list of persons who have been determined to play a significant role in international narcotics trafficking.
6. Iranian Assets Control Regulations; Shams Pahlavi Assets Unblocked; Correction (61 FR 15382 on April 8, 1996)
Commentary: The Treasury Department’s Office of Foreign Assets Control has amended the Iranian Assets Control Regulations to issue a correction with respect to the final rule removing Shams Pahlavi (the sister of the former Shah of Iran) from the list of persons whose U.S. assets were blocked, because all pending litigation against her has been terminated.
7. Federal Republic of Yugoslavia (Serbia and Montenegro) and Bosnian Serb-controlled Areas of the Republic of Bosnia and Herzegovina Sanctions Regulations; Suspension of Sanctions Against Bosnia Serbs (61 FR 24696 on May 16, 1996)
Commentary: This rule amends the Federal Republic of Yugoslavia (Serbia and Montenegro) and Bosnian Serb-controlled Areas of the Republic of Bosnia and Herzegovina Sanctions Regulations to suspend the sanctions against the Bosnian Serbs, and authorizes trade by U.S. persons in territory within Bosnia and Herzegovina where the Bosnian Serbs exercise control.
8. Sanctions Programs; Blocked Persons, Specially Designated Nationals, Terrorists and Narcotics Traffickers, and Blocked Vessels (61 FR 32936 on June 26, 1996)
Commentary: The Treasury Department’s Office of Foreign Assets Controls has published consolidated lists of the persons who are subject to sanctions under the various embargo regimes which it administers.
9. Iraqi Sanctions Regulations; Executory Contracts with the Government of Iraq (61 FR 36627 on July 12, 1996)
Commentary: The Treasury Department’s Office of Foreign Assets Controls has published a final rule authorizing American companies to enter into executory contracts with the Government of Iraq for the purchase of Iraqi-origin oil, the sale of pipeline related equipment, and sale of humanitarian goods, provided that proceeds are placed in a U.N.-designated escrow account.
10. Cuban Assets Control Regulations; Indirect Financing in Cuba, Civil Penalties (61 FR 37385 on July 18, 1996)
Commentary: This final rule amends the Cuban Assets Control Regulations to bring them into conformity with the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 (sometimes known by the names of its principal sponsors, Senator Jesse Helms and Rep. Dan Burton, as "Helms-Burton"). It adds new prohibitions on bank financing and civil penalties for violations.
11. Blocked Persons, Specially Designated Nationals, Specially Designated Terrorists, Specially Designated Narcotics Traffickers, and Blocked Vessels; Correction and Removal of Entry (61 FR 43459 on August 23, 1996)
Commentary: The Treasury Department’s Office of Foreign Assets Controls has published a final rule which amends the entry for one Colombian narcotics trafficker and removes one specially designated national of North Korea from the lists.
12. Foreign Assets Control Regulations, Cuban Assets Control Regulations, Iranian Assets Control Regulations, Libyan Sanctions Control Regulations, Iranian Transactions Control Regulations, Iraqi Sanctions Control Regulations; Implementation of Section 321 of the Antiterrorism and Effective Death Penalty Act of 1996 (61 FR 43459 on August 23, 1996)
Commentary: This final rule amends the above-referenced regulations to conform to the Antiterrorism and Effective Death Penalty Act of 1996, which makes it a criminal offense for United States Persons, except as authorized by the Treasury Department, to engage in financial transactions with governments of countries which support international terrorism (see below)
13. Terrorism List Governments Sanctions Regulations; Implementation of Section 321 of the Antiterrorism and Effective Death Penalty Act of 1996 (61 FR 43462 on August 23, 1996)
Commentary: This final rule adds a new Part 596 to the Code of Federal Regulations, setting forth the controls on financial transactions with governments of countries which support international terrorism (Cuba, Iran, Iraq, Libya, North Korea, Sudan and Syria) mandated by the Antiterrorism and Effective Death Penalty Act of 1996.
14. Blocked Persons, Specially Designated Nationals, Specially Designated Terrorist, Specially Designated Narcotics Traffickers, and Blocked Vessels; Removal of Entry (61 FR 54334 on October 18, 1996)
Commentary: The Office of Foreign Assets Control has removed a vessel from the list of "blocked:" vessel under the above-referenced list.
15. Foreign Assets Control Regulations, Cuban Assets Control Regulations, Iranian Assets Controls Regulations, Libyan Sanctions Regulations, Iranian Transactions Regulations, Iraqi Sanctions Regulations, Federal Republic of Yugoslavia (Serbia and Montenegro') and Bosnian Serb-Controlled Areas of the Republic of Bosnia and Herzegovina Sanctions Regulations, UNITA (Angola) Sanctions Regulations, Terrorism Sanctions Regulations, Implementation of Section 4 of the Federal Civil Penalties Inflation Adjustment Act of 1990, as Amended by the Debt Collection Improvement Act of 1996 (61 FR 54936 on October 23, 1996)
Commentary: This final rule amends the penalty provisions of the above-referenced regulations to increase the maximum penalty amounts authorized, and to index these amounts to account for inflation.
16. Iranian Transactions Regulations (61 FR 58480 on November 15, 1996)
Commentary: The Office of Foreign Assets Control has amended the Iranian Transactions Regulations to clarify the reporting requirements with respect to oil-related transactions.
17. Blocked Persons, Specially Designated Nationals, Specially Designated Terrorists, Specially Designated Narcotics Traffickers, and Blocked Vessels; Removal of Specially Designated Nationals of the Federal Republic of Yugoslavia (Serbia and Montenegro) (61 FR 64289 on December 4, 1996)
Commentary: The Office of Foreign Assets Control has removed the sanctions against specially designated nationals of Serbia and Montenegro, in light of the fact that the United Nations sanctions have been lifted against those entities.
18. Iraqi Sanctions Regulations; Licensing of Performance on Certain Contracts with the Government of Iraq (61 FR 65312 on December 11, 1996)
Commentary: This final rule amends the Iraqi Sanctions Regulations to add a new general license for purchases of Iraqi oil approved by the United Nations, to provide a statement of policy for certain other oil-related activities in Iraq, and to add some definitions and make some technical amendments.
19. Terrorism List Governments Sanctions Regulations; Authorization for Government Stipends and Scholarships for Students (61 FR 67943 on December 26, 1996)
Commentary: The Office of Foreign Assets Control has authorize payments by the Governments of Syria and Sudan of stipends and scholarships for Syrian and Sudanese nationals attending accredited educational institutions in the United States.