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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States [ Circular No. 10690 February 10, 1994 ~1 J FO REIG N A SSETS CONTROL REG ULATIO NS Prospective Lifting of Vietnam Embargo To All Banks, and Others Concerned, in the Second Federal Reserve District: The Office of Foreign Assets Control of the U.S. D epartm ent of the Treasury has am ended the Foreign Assets Control Regulations, 31 C FR Part 500, to lift prospectively the em bargo against Vietnam and to authorize new transactions with Vietnam and Vietnamese nationals. This action does not unblock assets within the jurisdiction of the United States that were blocked as of 5:04 p.m ., EST, February 3, 1994, nor does it affect enforcement actions with respect to prior violations of the embargo. Printed on the following pages is the Treasury D epartm ent’s official notice of this action, as subm itted for publication in the Federal Register. Questions on this m atter should be directed to the Office of Foreign Assets Control, as indicated in the notice. W illiam J. McD onough , President. /O £ ? o FEDERAL REGISTER VOL. 59, No. 025 Rules and Regulations DEPARTMENT OF THE TREASURY Foreign Assets Control Office 31 CFR Part 500 Foreign Assets Control Regulations; Prospective Lifting of Vietnam Embargo Part IV 59 FR 5696 DATE: Monday, February 7, 1994. ACTION: Final rule; amendment. SUM M ARY: Pursuant to the President’s announcem ent at 5:05 p.m . Eastern Standard Time, February 3, 1994, the Treasury D epartm ent is lifting prospectively the em bargo against Vietnam and authorizing new financial, trade, and other transactions with Vietnam and Vietnam ese nationals. This final rule does not unblock assets within U.S. jurisdiction blocked prior to this tim e, nor does it affect enforcem ent actions with respect to prior violations of the embargo. E FFEC TIV E DATE: 5:05 p.m. Eastern Standard Time, February 3, 1994. FOR FU RTH ER INFORMATION CONTACT: Steven I. Pinter, C hief o f Licensing (tel.: 202/622-2480), or W illiam B. Hoffm an, C hief Counsel (tel.: 202/622-2410), Office of Foreign A ssets Control, D epartm ent of the Treasury, W ashington, D.C. 20220. S U P PL E M E N T A R Y IN F O R M A T IO N : E lectro n ic A vailability This docum ent is available as an electronic file on The Federal Bulletin Board the day of publication in the Federal Register. By m odem dial 202/512-1387 or call 202/512-1530 for disks or paper copies. This file is available in Postscript, W ordPerfect 5.1 and ASCII. B ack g ro u n d On February 3, 1994, President Clinton stated that he was lifting the trade em bargo against Vietnam because he had determ ined that this step offered the best way to resolve the fate of A m erican prisoners of war and missing in action. Accordingly, the Office of Foreign Assets Control (“FAC”) is am ending the Foreign Assets Control Regulations, 31 CFR part 500 (the “FACR”), to add §500.578, authorizing new transactions involving property in which Vietnam or its nationals have an interest. The effect of this am endm ent is that transactions involving such property com ing within the jurisdiction of the United States or into the possession or control of persons subject to the jurisdiction of the United States after 5:05 p.m. E.S.T., February 3, 1994, or in which an interest o f Vietnam or a national thereof arises after that time, are authorized by general license. Newly authorized transactions include, but are not lim ited to, im portations from and exportations to Vietnam (not otherw ise restricted), new investm ent, travel-related transactions and brokering transactions. Property blocked as of 5:04 p.m. E.S.T., February 3, 1994, rem ains blocked. Reports due under general or specific license m ust still be filed covering activities prior to the effective date of this rule. Because the FACR involve a foreign affairs function, Executive O rder 12866 and the provisions o f the Adm inistrative Procedure Act, 5 U.S.C. 553, requiring notice of proposed rulem aking, /o (> 9 C > opportunity for public participation, and delay in effective date, are inapplicable. Because no notice o f proposed rulem aking is required for this rule, the Regulatory Flexibility Act, 5 U.S.C. 601-612, does not apply. List of Subjects in 31 CFR Part 500 Administrative practice and procedure, Banks, Banking, Foreign investments in U.S., Foreign trade, Securities, Vietnam. For the reasons set forth in the preamble, 31 CFR part 500 is amended as follows: PART 500 — FOREIGN ASSETS CONTROL REGULATIONS 1. The authority citation for part 500 continues to read as follows: Authority: 50 U.S.C. App. 1-44; E.O. 9193, 3 CFR, 1938-1943 Comp., p. 1174; E.O. 9989, 3 CFR, 1943-1948 Comp., p. 748. Subpart E — Licenses, Authorizations and Statements of Licensing Policy 2. Section 500.578 is added to subpart E to read as follows: § 500.578 Authorization of new transactions concerning certain Vietnamese property. (a) Transactions involving property in which Vietnam or a national thereof has an interest are authorized where: (1) The property comes within the jurisdiction of the United States or into the control or possession of a person subject to the jurisdiction of the United States at or after 5:05 p.m. E.S.T., February 3, 1994; or (2) The interest in the property of Vietnam or a Vietnamese national arises at or after 5:05 p.m. E.S.T., February 3, 1994. (b) Unless otherwise authorized by the Office of Foreign Assets Control, all property and interests in property that were blocked pursuant to subpart B of this part as of 5:04 p.m. E.S.T., February 3, 1994, and any income accruing thereon or proceeds arising therefrom, remain blocked and subject to the prohibitions and requirements of this part. Dated: February 3, 1994.
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