FINAL RULES
PUBLISHED IN THE FEDERAL REGISTER DURING 1997
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. Iranian Transactions Regulations (62 FR 1832 on January 14, 1997)
Commentary: The Treasury Department’s Office of Foreign Assets Control has extended until May 30, 1997, the deadline for submission of quarterly reports by U.S. persons with foreign affiliates in Iran performing oil-related transactions.
2. Blocked Persons, Specially Designated Nationals, Specially Designated Terrorists, Specially Designated Narcotics Traffickers, and Blocked Vessels: Additional Designations and Removal of Four Individuals (62 FR 2903 on January 21, 1997)
Commentary: The Treasury Department’s Office of Foreign Assets Control has added the names of 57 individuals and 21 entities and revised the information concerning 58 individuals and one entity, who are listed in Appendices A and B to 31 CFR Part 500 et seq., as specially designated narcotics traffickers. In addition, one formerly designated narcotics trafficker and three formerly designated nationals of Iraq have been removed from the Appendices.
3. Foreign Assets Control Regulations; Regulations Prohibiting Transactions Involving Shipments of Certain Merchandise Between Foreign Countries; Cuban Assets Control Regulations; Civil Penalty and Administrative Hearings (62 FR 6896 on February 14, 1997)
Commentary: The Office of Foreign Assets Control proposes to amend the various regulations cited above to add procedures for the conduct of administrative hearings in civil penalty cases and for settlement of civil penalty cases in lieu of hearings. These procedures generally reflect the due process standards under the Administrative Procedures Act.
4. Narcotics Trafficking Sanctions Regulations (62 FR 9959 on March 5, 1997)
Commentary: The Office of Foreign Assets Control issued a final rule implementing the President’s declaration of a national emergency and imposition of sanctions against significant foreign narcotics traffickers centered in Colombia.
5. Foreign Assets Control Regulations: Overflight Payments to North Korea (62 FR 17548 on April 10, 1997)
Commentary: The Office of Foreign Assets Control issued a final rule authorizing by general license payments with respect to provision of services by North Korea in connection with the overflight or emergency landings in North Korea by aircraft owned or controlled by U.S. persons or registered in the United States.
6. Blocked Persons, Specially Designated Nationals, Specially Designated Terrorists, Specially Designated Narcotics Traffickers, and Blocked Vessels; Removal of Entry (62 FR 19499 on April 22, 1997)
Commentary: The Office of Foreign Assets Control has removed an Iraqi vessel from the proscribed list.
7. Blocked Persons, Specially Designated Nationals, Specially Designated Terrorists, Specially Designated Narcotics Traffickers, and Blocked Vessels; Additional Designations and Supplemental Information (62 FR 19499 on April 22, 1997)
Commentary: The Office of Foreign Assets Control has added 11 entities and 46 individuals to the list of Specially Designated Narcotics Traffickers with which U.S. persons are forbidden to deal without a license.
8. Iranian Transactions Regulations; Reporting on Foreign Affiliates’ Oil-Related Transactions (62 FR 19670 on April 23, 1997)
Commentary: The Office of Foreign Assets Control has amended the reporting requirements with respect to oil-related transactions by foreign affiliates, so that a U.S. person must file a report as to each foreign affiliate only if that foreign affiliate engaged in reportable transactions of $1 million or more during the calendar quarter.
9. Federal Republic of Yugoslavia (Serbia & Montenegro) and Bosnian Serb -Controlled Areas of the Republic of Bosnia and Herzegovina Sanctions Regulations: Resolution of Claims Regarding Blocked Yugoslav Vessels and Removal of Names from Appendix C to 31 CFR Chapter V (62 FR 19672 on April 23, 1997)
Commentary: The Office of Foreign Assets Control has authorized all transactions with five blocked vessels.
10. Blocked Persons, Specially Designated Nationals, Specially Designated Terrorists, Specially Designated Narcotics Traffickers, and Blocked Vessels (62 FR 39434 on June 27, 1997)
Commentary: The Treasury Department’s Office of Foreign Assets Control has updated and republished the three appendices at the end of 31 CFR Chapter V that contains all the lists of blocked persons, specially designated nationals, specially designated terrorists, specially designated narcotics traffickers and blocked vessels under the various sanctions programs as of this date.
11.Blocked Persons, Specially Designated Nationals, Specially Designated Terrorists, Specially Designated Narcotics Traffickers, and Blocked Vessels: Additional Designations and Removal of Two Individuals (62 FR 41850 on August 4, 1997)
Commentary: The Office of Foreign Assets Control is adding 7 individuals and 7 entities to the list of specially designated narcotics traffickers. Two individuals previously designated as specially designated narcotics traffickers are being removed from the list. In addition, identifying information is corrected for two specially designated nationals of Iraq.
12. 31 CFR Part 560; Iranian Transactions Regulations: Performance on Awards; Certain Legal Services (62 FR 41851 on August 4, 1997)
Commentary: The Office of Foreign Assets Control is amending the Iranian Transactions Regulations to authorize by general license the payment of awards against Iran issued by the Iran-U.S. Claims Tribunal in The Hague, as well as implementation (other than certain exports and reexports) and payment of awards and settlements to which the United States Government is a party. This final rule also authorized by general license the provision of certain legal services to the Government of Iran and persons in Iran.
13. Reporting and Procedures Regulations: Consolidation of Information Collections; Annual Reports on Blocked Assets and Retained Transfers; Reports on Rejected Transfers; Reports on Litigation; Procedure for Releasing Funds Believed to Have Been Blocked Due to Mistaken Identity; Procedure for Removal From the Lists of Blocked Persons and Vessels (62 FR 45098 on August 25, 1997)
Commentary: The Office of Foreign Assets Control ("OFAC") is issuing the Reporting and Procedures Regulations. OFAC is adding a new part 501 to 31 CFR chapter V, consolidating and standardizing general information collections and license application and other procedures for the various embargo regimes.
14. Blocked Persons, Specially Designated Nationals, Specially Designated Terrorists, Specially Designated Narcotics Traffickers, and Blocked Vessels; Additional Designations and Removal of Two Individuals (62 FR 48177 on September 15, 1997)
Commentary: The Treasury Department’s Office of Foreign Assets Control has added the name of one entity and one individual who have been determined to act for or on behalf of, or to be owned or controlled by, the Government of Libya. In addition, two individuals previously determined as being specially designated narcotics traffickers are being removed from the list.
15. Reporting and Procedures Regulations; Foreign Terrorist Organizations and Sanctions Regulations (62 FR 52493 on October 8, 1997)
Commentary: The Office of Foreign Assets Control is issuing the Foreign Terrorist Organizations Sanctions Regulations to implement sections 302 and 303 of the Antiterrorism and Effective Death Penalty Act as they relate to the Treasury Department. Conforming technical amendments are made to the Reporting and Procedure Regulations.
16. Foreign Assets Control Regulations: Reporting of Claims of U.S. Nationals Against the Government of North Korea (62 FR 64720–64722 on December 9, 1997)
Commentary: The Office of Foreign Assets Control is amending the Foreign Assets Control Regulations to require the reporting, no later than March 9, 1998, of all outstanding claims held by U.S. nationals against the Government of North Korea or any North Korean government entity. The reports are needed to obtain information, on a one-time basis, for planning and administrative purposes in contemplation of future claims settlement negotiations.
17. Blocked Persons, Specially Designated Nationals, Specially Designated Terrorists, Specially Designated Narcotics Traffickers, and Blocked Vessels; Addition of Foreign Terrorist Organizations; Removal of One Individual (62 FR 67729 on December 30, 1997)
Commentary: The Treasury Department’s Office of Foreign Assets Control has added 30 names of Foreign Terrorist Organizations. In addition, one individual previously determined as being a specially designated national of Iraq, is removed from the list.