[Federal Register Volume 63, Number 126 (Wednesday, July 1, 1998)]
[Rules and Regulations]
[Pages 35808-35809]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17539]



Office of Foreign Assets Control

31 CFR Parts 501, 515 and 560

Cuban Assets Control Regulations; Iranian Transactions 
Regulations; Reporting and Procedures Regulations: Corrections

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Correction to final regulations.


SUMMARY: This document contains corrections to final regulations 
amending the Cuban Assets Control Regulations, published May 18, 1998 
(63 FR 27349), the Iranian Transactions Regulations, published on 
August 4, 1997 (62 FR 41851), and to the issuance of the Reporting and 
Procedures Regulations, published on August 25, 1997 (62 FR 45098). The 
regulations related to the prohibitions on travel-related transactions 
in Cuba, the payment of awards and settlements relating to the Iran-
U.S. Claims Tribunal in The Hague, and to the consolidation and 
standardization of information collection provisions administered by 
the Office of Foreign Assets Control.

EFFECTIVE DATE: June 26, 1998.

FOR FURTHER INFORMATION CONTACT: Steven I. Pinter, Chief of Licensing 
(tel.: 202/622-2480), David H. Harmon, Chief of Enforcement (tel.: 202/
622-2430), or William B. Hoffman, Chief Counsel (tel.: 202/622-2410), 
Office of Foreign Assets Control, Department of the Treasury, 
Washington, DC 20220.


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 WordPerfect 5.1, ASCII, and Adobe AcrobatR 
readable (*.PDF) formats. For Internet access, the address for use with 
the World Wide Web (Home Page), 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 ``Business, Trade and Labor 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 (; World Wide 
Web (Home Page) = http://www.fedworld.gov; FTP = ftp.fedworld.gov 
( 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.ustreas.gov/treasury/services/
fac/fac.html, 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.


    The final regulations that are the subject of these corrections 
amended the Cuban Assets Control Regulations, 31 CFR part 515 (the 
``CACR''), the Iranian Transactions Regulations, 31 CFR part 560 (the 
``ITR''), and the Reporting and Procedures Regulations, 31 CFR part 501 
(the ``RPR'').
    The CACR were amended to indicate the existence of a presumption 
that persons subject to U.S. jurisdiction who have traveled to Cuba 
without the authority of a general or specific license have necessarily 
engaged in prohibited travel-related transactions. This presumption is 
subject to rebuttal upon presentation of a statement, signed by the 
traveler and accompanied by appropriate supporting documentation, that 
(1) no transactions were entered into, or (2) the travel was fully 
hosted by a person or persons not subject to the jurisdiction of the 
United States and was not in exchange for services provided in Cuba or 
    The ITR were amended to authorize by general license the payment of 
awards against Iran issued by the Iran-U.S. Claims Tribunal in The 
Hague, and implementation (other that certain exports and reexports) 
and payment of awards and settlements to which the United States 
Government is a party. The final rule also authorized by general 
license the provision of certain legal services to the Government of 
Iran and persons in Iran.
    Finally, the RPR consolidated and standardized in a single part 
common provisions on collections of information and procedures in 
existing regulations administered by the Office of Foreign Assets 
Control. This final rule included an initial and annual requirement to 
report on blocked assets or retained funds transfers -- as well as 
periodic reports on funds transfers rejected by U.S. financial 
institutions -- for administrative and foreign policy formulation 
purposes. The rule also required reports on U.S. litigation and other 
dispute resolution proceedings where the proceedings may affect blocked 
assets or funds retained by banks that have stopped violative 
transfers. In addition, new procedures were set forth for persons 
seeking the unblocking of funds they believe have been blocked due to 
mistaken identity, or seeking administrative review of their 
designation or that of a vessel as blocked. In addition, the reporting 
requirements and licensing and other procedures of the new part are 
made applicable to transactions that have become subject to economic 
sanctions programs for which implementation and administration are 
delegated to the Office of Foreign Assets Control.

Need for Correction

    As published, the final regulations contain errors which may prove 
to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the final regulations are corrected as follows:

    1. The publication on May 18, 1998, which was the subject of FR 
Doc. 98-13120 amending the Cuban Assets Control Regulations, is 
corrected as follows. On page 27351, in the second column, amendatory 
instruction 2 is corrected to read: ``2. Paragraph (g) of Sec. 515.560 
is revised to read as follows:''.

    2. The publication on August 4, 1997, which was the subject of FR 
Doc. 97-20447 amending the Iranian Transactions Regulations, is 
corrected as follows. On page 41852 in the third column, amendatory 
instruction 3 is corrected to read: ``3. The introductory text of 
paragraph (a) and paragraphs (a)(3) and (a)(5)(i) of Sec. 560.525 are 
revised to read as follows:''.

[[Page 35809]]

    3. The publication of August 25, 1997, which was the subject of FR 
Doc. 97-22378 issuing the Reporting and Procedures Regulations, is 
corrected as follows. On page 45104 in the third column, Sec. 501.803 
is corrected to read as follows:

Sec. 501.803  Amendment, modification, or revocation.

    Except as otherwise provided by law, the provisions of each part of 
this chapter and any rulings, licenses (whether general or specific), 
authorizations, instructions, orders, or forms issued thereunder may be 
amended, modified or revoked at any time.

    Dated: June 26, 1998.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
    Approved: June 26, 1998.
Elisabeth Bresse,
Acting Assistant Secretary (Enforcement).
[FR Doc. 98-17539 Filed 6-30-98; 4:04 pm]