[Federal Register: November 6, 1998 (Volume 63, Number 215)] [Rules and Regulations] [Page 59883-59884] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr06no98-8] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Office of Foreign Assets Control 31 CFR Part 585 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 Montenegrin Vessel Accounts AGENCY: Office of Foreign Assets Control, Department of the Treasury ACTION: Final rule; amendment. ----------------------------------------------------------------------- SUMMARY: The Office of Foreign Assets Control is amending the Federal Republic of Yugoslavia (Serbia & Montenegro) and Bosnian Serb- Controlled Areas of the Republic of Bosnia and Herzegovina Sanctions Regulations to authorize all transactions on and after December 7, 1998 with respect to bank accounts representing the proceeds of the sales of the following two blocked vessels: the M/V KAPETAN MARTINOVIC and the M/V BOR. U.S. persons are generally licensed to seek, obtain and have served on these blocked accounts writs of attachment during the ten-day period prior to the accounts' unblocking if their claims are not settled with the vessels' owners or agents. EFFECTIVE DATE: November 6, 1998. FOR FURTHER INFORMATION: John T. Roth, Chief, Policy Planning and Program Management Division (tel.: 202/622-2500), or William B. Hoffman, Chief Counsel (tel.: 202/622-2410), Office of Foreign Assets Control, Department of the Treasury, Washington, DC 20220. SUPPLEMENTARY INFORMATION: Electronic Availability This document is available as an electronic file on The Federal Bulletin Board the day of publication in the Federal Register. By modem, dial 202/512-1387 and type ``/GO FAC,'' or call 202/512-1530 for disk or paper copies. This file is available for downloading without charge in ASCII and Adobe AcrobatR readable (*.PDF) formats. For Internet access, the address for use with the World Wide Web (Home Page), [[Page 59884]] Telnet, or FTP protocol is: fedbbs.access.gpo.gov. The document is also accessible for downloading in ASCII format without charge from Treasury's Electronic Library (``TEL'') in the ``Research Mall'' of the FedWorld bulletin board. By modem, dial 703/321-3339, and select self- expanding file ``T11FR00.EXE'' in TEL. For Internet access, use one of the following protocols: Telnet = fedworld.gov (192.239.93.3); World Wide Web (Home Page) = http://www.fedworld.gov; FTP = ftp.fedworld.gov (192.239.92.205). Additional information concerning the programs of the Office of Foreign Assets Control is available for downloading from the Office's Internet Home Page: http://www.treas.gov/ofac, or in fax form through the Office's 24-hour fax-on-demand service: call 202/622-0077 using a fax machine, fax modem, or (within the United States) a touch- tone telephone. Background On April 18, 1997, the Office of Foreign Assets Control issued an amendment to the Federal Republic of Yugoslavia (Serbia & Montenegro) and Bosnian Serb-Controlled Areas of the Republic of Bosnia and Herzegovina Sanctions Regulations, 31 CFR part 585 (the ``Regulations''), providing for the unblocking of the following five vessels: the M/V MOSLAVINA, M/V ZETA, M/V LOVCEN, M/V DURMITOR and M/V BAR (a.k.a. M/V INVIKEN) after 30 days (62 FR 19672, April 23, 1997). Two previously blocked vessels, the M/V KAPETAN MARTINOVIC and the M/V BOR, were sold pursuant to specific licenses and the proceeds of the sales placed in blocked interest-bearing accounts at U.S. financial institutions as substitute property for the blocked vessels. The accounts representing the two vessels will also be unblocked after 30 days. During this period, U.S. persons may negotiate settlements of their outstanding claims with respect to the vessels with the vessels' owners or agents. If claims remain unresolved by November 27, 1998, U.S. persons are generally licensed to seek and obtain judicial writs of attachment against the funds during the ten- day period prior to the accounts' unblocking. Since the Regulations involve a foreign affairs function, the provisions of Executive Order 12866 and the Administrative Procedure Act (5 U.S.C. 553) requiring notice of proposed rulemaking, opportunity for public participation, and delay in effective date are inapplicable. Because no notice of proposed rulemaking 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 585 Administrative practice and procedure, Banks, banking, Blocking of assets, Bosnia and Herzegovina, Foreign investments in the United States, Foreign trade, Penalties, Reporting and recordkeeping requirements, Securities, Specially designated nationals, Transportation, Vessels, Yugoslavia. For the reasons set forth in the preamble, 31 CFR part 585 is amended as set forth below: 1. The authority citation for part 585 is revised to read as follows: Authority: 3 U.S.C. 301; 22 U.S.C. 287c; 31 U.S.C. 321(b); 49 U.S.C. 40106; 50 U.S.C. 1601-1651, 1701-1706; Pub.L. 101-410, 104 Stat 890 (28 U.S.C. 2461 note); E.O. 12808, 57 FR 23299, 3 CFR, 1992 Comp., p. 305; E.O. 12810, 57 FR 24347, 3 CFR, 1992 Comp., p. 307; E.O. 12831, 58 FR 5253, 3 CFR, 1993 Comp., p. 576; E.O. 12846, 58 FR 25771, 3 CFR, 1993 Comp., p. 599; E.O. 12934, 59 FR 54117, 3 CFR, 1994 Comp., p. 930. Subpart E to Part 585--Licenses, Authorizations, and Statements of Licensing Policy 2. Section 585.528 is amended by revising the section heading and adding paragraph (d) to read as follows: Sec. 585.528 Unblocking of certain vessels and accounts. * * * * * (d) All transactions with respect to blocked accounts held at Whitney National Bank, New Orleans, Louisiana, containing the proceeds of the sales of the M/V KAPETAN MARTINOVIC and the M/V BOR are authorized as of December 7, 1998. All transactions by U.S. persons to seek and obtain judicial writs of attachment against the blocked accounts as substitute property for these vessels are authorized as of 10:00 a.m. Eastern Standard Time, November 27, 1998. Dated: October 7, 1998. R. Richard Newcomb, Director, Office of Foreign Assets Control. Approved: October 15, 1998. Elisabeth A. Bresee, Assistant Secretary (Enforcement), Department of the Treasury. [FR Doc. 98-29789 Filed 11-3-98; 1:59 pm] BILLING CODE 4810-25-F