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o
FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
[
C irc u la r No.
10557 ~l
July 2 9 , 1992
YUGOSLAV (SERBIAN AND MONTENEGRIN)
SANCTIONS REGULATIONS
General Licenses Nos. 1 through 7
To All Banks, and Others Concerned,
in the Second Federal Reserve District:
The Office of Foreign Assets Control of the Department of the Treasury has
issued the following General Licenses under the Yugoslav (Serbian and Montene
grin) Sanctions Regulations:
General License No. 1 dealing with mail and informational materials;
General License No. 2 dealing with telecommunications payments;
General License No. 3 dealing with diplomatic pouches;
General License No. 4 dealing with the treatment and transfers of blocked
property;
General License No. 5 dealing with passenger baggage, household and
personal effects;
General License No. 6 dealing with travel; and
General License No. 7 dealing with debt obligations.
The texts of these General Licenses have been reproduced on the following
pages. Questions regarding these matters may be directed to the Blocked Assets Di
vision of the Office of Foreign Assets Control (Tel. No. 202-622-2440) or, at this
bank, to Michael Nelson, Attorney (Tel. No. 212-720-8839).
E.
G
erald
C
o r r ig a n
,
P r e s id e n t.
e
e
WSS7
DEPARTM ENT O F TH E TR EASU R Y
W ASH IN GTO N
OFFICE OF FOREIGN ASSETS CONTROL
YUGOSLAV (SERBIAN AND MONTENEGRIN) SANCTIONS REGULATIONS
GENERAL LICENSE NO- 1
Mail and Informational Materials
All
transfers
transactions
to
transmission
common
o f “mail
by
U.S.
carriers,
between
persons,
including
incident
the United
to
States
payment
the
and
receipt
and the
Federal
Republic of Yugoslavia (Serbia or Montenegro) are authorized.
purposes
of
this
authorization,
"mail"
is
limited
to
For
personal
communications not involving a transfer of anything of value,
publications
and
other
informational
maximum weight limitation of 12 ounces.
~RJ Richard Newcomb
Director
Office of Foreign Assets Control
3
materials,
or
subject
and
to
a
DEPARTMENT O F THE TR EA SU R Y
WASHINGTON
OFFICE OF FOREIGN ASSETS CONTROL
YUGOSLAV (SERBIAN AND MONTENEGRIN) SANCTIONS REGULATIONS
GENERAL LICENSE NO. 2
Telecommunications Payments
(a)
All transactions of U.S. common carriers with respect to
the receipt and transmission of telecommunications involving the
Federal
Republic
of
Yugoslavia
(Serbia
and
Montenegro)
are
authorized, provided any payment owed to the Government of Federal
Republic
person
of Yugoslavia
in
the
Montenegro)
(Serbia
Federal
is paid
into
and Montenegro)
Republic
of
or to
Yugoslavia
a blocked account
any
other
(Serbia
in a U.S.
and
financial
institution.
(b) The terms used in this license are defined as follows:
(1) The term "the Federal Republic of Yugoslavia
(Serbia and
Montenegro)" means the territory of Serbia and Montenegro;
(2)
The
term
"the
Government
of
the
Federal
Republic
of
Yugoslavia (Serbia and Montenegro)" includes the government of the
newly-constituted Federal Republic of Yugoslavia, the Government of
Serbia,
the Government of Montenegro,
including any subdivisions
thereof or local governments therein,
their respective agencies,
instrumentalities, and controlled entities, and any persons acting
or purporting to act on behalf any of the foregoing, including the
National
Bank
of
Yugoslav
Chamber
Yugoslavia,
of
Army,
the
Serbia,
the
the National Bank of Montenegro,
and
Economy,
Serbian Chamber of Economy,
the
the
the Montenegrin Chamber of Economy.
4
Yugoslav
National
National
Bank
of
IDSS7
(3) The term "person in the "Federal Republic of Yugoslavia
(Serbia and Montenegro)” includes any individual,
partnership,
association, corporation, or other organization or entity located
in or organized under the lavs of any jurisdiction in the Federal
Republic of Yugoslavia (Serbia and Montenegro);
(4) The term "blocked account" shall mean an account with
respect
dealings
to
which payments,
may
not
be made
transfers
or
or withdrawals
effected
except
or
pursuant
other
to
an
authorization or license from the Office of Foreign Assets Control
authorizing such action; and
(5) The term "telecommunications" shall mean telephone, telex,
and telegraph transmissions, and transmissions for the gathering or
broadcast of news.
1 /7s
-CV -
A l U l d l U
Director
Office of Foreign Assets Control
5
DEPARTM ENT OF TH E TR E A S U R Y
W ASH INGTON
OFFICE OF FOREIGN ASSETS CONTROL
YUGOSLAV (SERBIAN AND MONTENEGRIN) SANCTIONS REGULATIONS
GENERAL LICENSE NO. 3
Diplomatic Pouches
The
importation
into
the
United
States
from
the
Federal
Republic of Yugoslavia (Serbia and Montenegro) , and the exportation
from the United-States
to the
Federal
Republic of Yugoslavia
(Serbia or Montenegro) , of diplomatic pouches and their contents
are permitted.
Office of Foreign Assets Control
6
loss'?
DEPARTMENT Q f THE TREASURY
W A SH IN G TO N
bFFICE OF FOREIGN ASSETS CONTROL
YUGOSLAV (SERBIA AND MONTENEGRO) SANCTIONS REGULATIONS
GENERAL LICENSE NO. 4
Treatment _gmd Transfers of. ■BlQgJs^^r.op_ertv
Accounts_of individual^.
(a)
Transfers
of
funds
or
other
financial
or
economic
resources for the benefit of individuals located in the federal
Republic
of
Yugoslavia
(Serbia
and
Montenegro),
prohibited by § 2(g) of Executive Order 12810 of June
which
5,
are
1992, are
hereby authorized in connection with the operation of accounts at
U.S♦ financial institutions that are not blocked, including their
foreign branches, provided that such transactions do not result in
the transfer of funds to cr for the benefit of the Government of
the Federal Republic of Yugoslavia (Serbia and Montenegro) or to
persons
in
the
Federal
Republic
of
Yugoslavia
(Serbia
and
Montenegro).
Interest -Requirements.
(b)
(1 )
Any person, including a U.S. financial institution,
currently holding property subject to Sections 1 or 2 of Executive
Order 12808 of May 30, 1992, or Section 1 of Executive Order
12810,
which as of the effective date of this license, or uhe date of
receipt of the property, if subsequent to the effective date, is
not being held in an interest-bearing account or otherwise invested
in a manner authorized by the Office of Foreign Assets Control
7
("FAC"), shall transfer such property to, or hold such property or
cause such property to be held in, an interest-bearing status in a
U, S . financial institution as of the effective date of this license
or the date of receipt of the property, whichever is later, unless
otherwise authorized or directed by FAC.
(2)
The requirement set forth in paragraph (b) (1) 3hall apply
to currency, bank deposits, accounts, financial obligations, and
any proceeds resulting from the sale of tangible or intangible
property-
If interest is credited to an account separate from that
in which the interest-bearing asset is held,
the name
of the
account party on both accounts shall be identical and shall clearly
indicate
the
individual
or
entity
having
an
interest
in
the
accounts.
(3)
Interest is to be paid at a commercially reasonable rate,
a rate similar to that currently offered other depositors on
deposits of comparable si 2e and maturity.
Overnight investment of
blocked funds is authorized, provided that the funds remain within
the possession and control of the U-S. person holding the funds and
that the funds remain in a blocked status at all times.
otherwise
authorized,
the
funds
may
not
be
Except as
re-invested
in
instruments the maturity of which exceeds 90 days.
Iransac.ti.ons .a ffe c tin g ^blocked .accounts.
(c)(1)
Any payment of funds or transfer of credit or other
financial or economic resources or assets into a blocked account in
a U.S. financial institution is authorized, except that funds from
8
10557
a blocked account may
only be transferred
in accordance
with
paragraph (c)(3)(2)
U.S.
financial institutions receiving instructions to
execute a payment or transfer of funds to or for the benefit of the
Government
Montenegro)
Yugoslavia
of
the
Federal
or to persons
(Serbia
Republic
located
and Montenegro)
of
Yugoslavia
(Serbia
in the Federal Republic
shall
block
the
funds
and
of
and
provide written notification to FAC.
(3)
Any U.S. financial institution is authorized to debit an
account on its books blocked pursuant to Executive Order 12808 or
Executive Order 12S10 for transfer to another blocked account on
its books, provided that the name? on the accounts are identical
and written notification of the transfer is provided to FAC.
(4)
The notifications required by paragraphs
(c)(2)
and
(c) (3) are to be sent to the FAC Compliance Programs Division, U.S.
Department of the Treasury,
1500 Pennsylvania Avenue N.W., 2131
Annex, Washington, D.C. 20220, within 10 business days from the
value date of the payment or transfer.
paragraph
(c)(2)
shall
include
The notification under
a photocopy
of
the payment
or
transfer instructions received, shall confirm that the payment or
transfer has been deposited into an existing or newly-established
blocked account, and shall provide the account number, the name of
the account, the location of the account, the name and address of
the transferor and transferee financial institutions, the date of
the deposit, and the amount of the payment or transfer.
9
Service charges(d)
U.S-
financial
institutions
are authorized to debit
accounts on their books blocked pursuant to Executive Order 12808
or Executive Order 12810 in payment or reimbursement for normal
service charges owed to such financial institutions by the owners
of such blocked accounts.
"Normal service charges" shall mean
charges assessed according to the published fee schedule of the
holder of such property and applicable to other depositors on
deposits of comparable size and maturity.
No debits from blocked
accounts other than those authorized in this license may be taken
without further authorization from FAC.
Reports.
(e)
(i)
Any individual holding property blocked pursuant to
Executive Order 12808 or Executive Order 12810 must register with
the FAC Blocked Assets Division, u.s. Department of the Treasury,
1500 Pennsylvania Avenue N.W., 2001 Annex# Washington, D.C* 20220,
by the later of July 31#
1992#
or 10 days after the date such
property is received or becomes subject to the blocking provisions
of Executive Order 12808 and/or Executive Order 12810.
(2)
Any person# other than an individual# holding property
blocked pursuant to Executive Order 12808 and/or Executive Order
12310 must register an individual designated to be responsible for
providing information concerning records relating to the property
with the FAC Blocked Assets Division by the later of July 31, 1992#
or 10 days after the date such property is received or becomes
10
/ 055 ?
subject to the blocking provisions of Executive Order 12808 and/or
Executive Order 12810.
Issued and effective:
July
l£L,
.♦ Richard Newcomb
Director
Office of Foreign Assets Control
1992
department of the treasury
W A S H IN G T O N
OFFICE OF FOREIGN ASSETS CONTROL
YUGOSLAV (SERBIAN AND MONTENEGRIN) SANCTIONS REGULATIONS
GENERAL LICENSE NO. S
Rassencer BAcrgaga. Household and Personal Effects.
The importation of the household and personal effects
originating in the Federal Republic of Yugoslavia (Serbia or
Montenegro), including baggage and articles for family use, of a
person arriving in the United States directly or indirectly from
the Federal Republic of Yugoslavia (Serbia or Montenegro) is
authorized.
Articles included in such effects may be imported
without limitation provided they were actually used by such person
or family abroad, are not intended for any other person or for
sale, and are not otherwise prohibited from importation.
Persons departing the United States for the Federal Republic
of Yugoslavia (Serbia and Montenegro) are authorized to export from
the United States those items which would ordinarily be authorized
under the following regulation-, administered by the Department of
Commerce: 15 CFR 771,6 —
Issued:
General License BAGGAGE.
July ) (o , 1992
R y Richard Newcomb
Director
Office of Foreign Assets Control
12
D E P A R T M E N T O F TH E T R E A S U R Y
W ASHINGTON
OFFICE OF FOREIGN ASSETS CONTROL
YUGOSLAV (SERBIA AND MONTENEGRO) SANCTIONS REGULATIONS
GENERAL LICENSE NO. 6
Transactions involving travel to and within
the Federal Republic of Yugoslavia (Serbia and Montenecrrol
(a)
All transactions by U.S. persons related to non
business travel to, from, and within the Federal Republic of
Yugoslavia (Serbia and Montenegro) are authorized, including the
booking of travel arrangements, the payment of living expenses,
and the acquisition of goods for personal consumption within the
Federal Republic of Yugoslavia (Serbia and Montenegro), provided
that no such transactions may involve transportation by air into
or out of the Federal Republic of Yugoslavia (Serbia and
Montenegro).
(b)
All transactions by U.S. persons related to travel to,
from, and within, and activities within the Federal Republic of
Yugoslavia (Serbia and Montenegro) for the conduct of (1) the
official business of the United States Government or the United
Nations and (2) journalistic activity by persons regularly
employed in such capacity by a newsgatherinq organization, are
13
authorized, provided that no such transactions may involve
transportation by air into or out of the Federal Republic of
Yugoslavia (Serbia and Montenegro).
(c)
This general license does not authorize U.S. persons to
utilize charge cards, including, but not limited to, debit cards,
credit cards or other credit facilities, or to engage in
transactions not related to travel, including commercial
transactions, while traveling in the Federal Republic of
Yugoslavia (Serbia and Montenegro).
This general license also
does not authorize payments to be sent into the Federal Republic
of Yugoslavia (Serbia and Montenegro) from the United States or
by a U.S. person located outside the Federal Republic of
Yugoslavia (Serbia and Montenegro).
Issued: July
2J-jt 1992
Office of Foreign Assets Control
14
I OSS7
departm ent of th e treasury
W ASHINGTON
OFFICE OF FOREIGN ASSETS CONTROL
YUGOSLAV (SERBIA AND MONTENEGRO) SANCTIONS REGULATIONS
GENERAL LICENSE NO. 7
lra.dins in ■pertain debt obligations
(a)
All transactions by U*S- persons involving secondary
market trading in debt obligations, or portions thereof,
originally incurred by banks ("Original Borrowers") organized and
headquartered in the Republics of Slovenia, Croatia, BosniaHercegovina, and Macedonia, and rescheduled pursuant to the "New
Financing Agreement" of September 20, 1988 (the "NFA"), are
authorized, notwithstanding the joint and several liability
undertaken by the National Bank of Yugoslavia and/or of banks
located in the Federal Republic of Yugoslavia (Serbia and
Montenegro) for repayment of such obligations.
(b)
Nothing in this general license shall authorize trading
in debt obligations, or portions thereof, subject to the NFA for
which the Original Borrower was the National Bank of Yugoslavia
or an entity organized or headquartered in Serbia or Montenegro.
Q
15
,
(c)
No transfer of debt obligations, or portions thereof,
for which the National Bank of Yugoslavia or a bank located in
the Federal Republic of Yugoslavia (Serbia and Montenegro) has
joint or several liability may be completed unless the transferee
undertakes in writing that the debt obligations will not be
further transferred to or for the benefit of the Government of
the Federal Republic of Yugoslavia (Serbia and Montenegro),
including the National Bank of Yugoslavia, or any person in the
Federal Republic of Yugoslavia (Serbia and Montenegro), until
permitted by U.s. law.
(d)
The transferor (or, if the transferor is not a U.S
person, the transferee) of any debt obligation for which the
National Bank of Yugoslavia or an entity located in the Federal
Republic of Yugoslavia (Serbia and Montenegro) has joint or
several liability must file a report with the Blocked Assets
Bivision, Office of Foreign Assets Control, U.S. Treasury
Department, Treasury Annex, Washington, D.C. 20220, within ten
(10) days of the transfer, providing:
(1) the names and addresses of the transferor and
transferee;
(2)
(i) a copy of the "Refinancing Loan Notice" required
pursuant to the NFS, concerning the debt obligation
transferred, and
16
»
10557
(ii) if an Original Borrower located or headquartered
in Serbia or Montenegro, including the National Bank of
Yugoslavia, is included in a consortium of obligors
identified in a "Refinancing Loan Notice*1 for the debt
obligation transferred, a copy of the transferor’s
confirmation (s) that each portion of the debt obligation
transferred is that of an original Borrower organised and
headquartered in the Republic of Slovenia, Croatia, BosniaHercegovina, or Macedonia; and
(3) a certification that the transfer documents include the
transferee's undertaking required in paragraph (c) of this
general license.
Issued: duly
2~7t
1992
Office of Foreign Assets Control
@FedFRASER