Recent OFAC Actions
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As part of the U.S. Government's efforts to assist the Federal
Republic of Yugoslavia (Serbia & Montenegro) in recovering
from the effects of the Milosevic regime, OFAC has issued
general licenses, effective 60 days after today's publication
in the Federal Register, authorizing the unblocking of all
remaining blocked property and interests in property under
the Federal Republic of Yugoslavia (Serbia & Montenegro)
Sanctions Regulations, 31 C.F.R. Part 585, and the Federal
Republic of Yugoslavia (Serbia and Montenegro) Kosovo Sanctions
Regulations, 31 C.F.R. Part 586, with the following three
exceptions:
1) property or interests in property of diplomatic and/or
consular missions of the former Socialist Federal Republic
of Yugoslavia,
2) property or interests in property of those persons who
are presently subject to sanctions under either the Milosevic
Regulations set forth at 31 CFR part 587 or the Western Balkans
Transactions Regulations set forth at 31 CFR part 588, or
who are otherwise subject to sanctions under other parts of
31 CFR chapter V, and
3) property or interests in property of the central bank
of the former Socialist Federal Republic of Yugoslavia, i.e.,
the National Bank of Yugoslavia, that have been blocked pursuant
to 31 CFR part 585. (Property and interests in property of
the National Bank of Yugoslavia blocked pursuant to 31 CFR
part 586 will be unblocked in accordance with the general
license issued at §586.520.)
OFAC has also issued general licenses, effective upon today's
publication in the Federal Register, authorizing any person
or government to seek judicial or other legal process with
respect to property or interests in property being unblocked.
These general licenses are intended to help persons and governments,
including the successor states to the former Socialist Federal
Republic of Yugoslavia, to protect any rights they may have
with respect to such property or interests in property.
All of OFAC's informational material has been updated accordingly--including
OFAC's brochure on Yugoslavia  and its industry overviews
for Exporters & Importers and for the Financial Community .
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