Continuation of the National Emergency Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq Has an Interest, 29435-29436 [05-10373]

Agencies

• Executive Office of the President
• Presidential Documents

[Federal Register Volume 70, Number 97 (Friday, May 20, 2005)]
[Presidential Documents]
[Pages 29435-29436]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-10373]



[[Page 29433]]

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Part VII





The President





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Notice of May 19, 2005--Continuation of the National Emergency 
Protecting the Development Fund for Iraq and Certain Other Property in 
Which Iraq Has an Interest


                        Presidential Documents 



Federal Register / Vol. 70, No. 97 / Friday, May 20, 2005 / 
Presidential Documents

___________________________________________________________________

Title 3--
The President

[[Page 29435]]

                Notice of May 19, 2005

                
Continuation of the National Emergency Protecting 
                the Development Fund for Iraq and Certain Other 
                Property in Which Iraq Has an Interest

                On May 22, 2003, by Executive Order 13303, I declared a 
                national emergency protecting the Development Fund for 
                Iraq and certain other property in which Iraq has an 
                interest, pursuant to the International Emergency 
                Economic Powers Act (50 U.S.C. 1701-1706) (IEEPA). I 
                took this action to deal with the unusual and 
                extraordinary threat to the national security and 
                foreign policy of the United States posed by the 
                obstacles to the orderly reconstruction of Iraq, the 
                restoration and maintenance of peace and security in 
                the country, and the development of political, 
                administrative, and economic institutions in Iraq 
                constituted by the threat of attachment or other 
                judicial process against the Development Fund for Iraq, 
                Iraqi petroleum and petroleum products, and interests 
                therein, and proceeds, obligations, or any financial 
                instruments of any nature whatsoever arising from or 
                related to the sale or marketing thereof.

                On August 28, 2003, in Executive Order 13315, I 
                expanded the scope of this national emergency to block 
                the property of the former Iraqi regime, its senior 
                officials and their family members as the removal of 
                Iraqi property from that country by certain senior 
                officials of the former Iraqi regime and their 
                immediate family members constitutes an obstacle to the 
                orderly reconstruction of Iraq, the restoration and 
                maintenance of peace and security in the country, and 
                the development of political, administrative, and 
                economic institutions in Iraq.

                On July 29, 2004, in Executive Order 13350, I amended 
                the Annex to Executive Order 13315 to include certain 
                persons determined to have been subject to economic 
                sanctions pursuant to Executive Orders 12722 and 12724. 
                Because of their association with the prior Iraqi 
                regime, I determined that these persons present an 
                obstacle to the orderly reconstruction of Iraq, the 
                restoration and maintenance of peace and security in 
                that country, and the development of political, 
                administrative, and economic institutions in Iraq and, 
                therefore, such persons should be subject to sanctions 
                under Executive Order 13315.

                Executive Order 13350 also amended Executive Order 
                13290 of March 20, 2003, in which, consistent with 
                section 203(a)(1)(C) of IEEPA, 50 U.S.C. 1702(a)(1)(C), 
                I ordered that certain blocked funds held in the United 
                States in accounts in the name of the Government of 
                Iraq, the Central Bank of Iraq, Rafidain Bank, Rasheed 
                Bank, or the State Organization for Marketing Oil be 
                confiscated and vested in the Department of the 
                Treasury. I originally exercised these authorities 
                pursuant to Executive Order 12722. In light of the 
                changed circumstances in Iraq and my decision to 
                terminate the national emergency declared in Executive 
                Order 12722, I determined that the exercise of 
                authorities in Executive Order 13290 should continue in 
                order to address the national emergency declared in 
                Executive Order 13303 of May 22, 2003, as expanded in 
                scope in Executive Order 13315 of August 28, 2003, 
                regarding the obstacles posed to the orderly 
                reconstruction of Iraq. Executive Order 13350 amends 
                Executive Order 13290 to that effect.

                On November 29, 2004, in Executive Order 13364, I 
                modified the scope of this national emergency to 
                address the unusual and extraordinary threat to the 
                national security and foreign policy of the United 
                States posed by

[[Page 29436]]

                the threat of attachment or other judicial process 
                against the Central Bank of Iraq. I also determined 
                that, consistent with United Nations Security Council 
                Resolutions 1483 and 1546, the steps taken in Executive 
                Order 13303 to deal with this national emergency need 
                to be limited so that such steps do not apply with 
                respect to any final judgment arising out of a 
                contractual obligation entered into by the Government 
                of Iraq, including any agency or instrumentality 
                thereof, after June 30, 2004, and so that, with respect 
                to Iraqi petroleum and petroleum products and interests 
                therein, such steps shall apply only until title passes 
                to the initial purchaser.

                Because the obstacles to the orderly reconstruction of 
                Iraq, the restoration and maintenance of peace and 
                security in the country, and the development of 
                political, administrative, and economic institutions in 
                Iraq continue to pose an unusual and extraordinary 
                threat to the national security and foreign policy of 
                the United States, the national emergency declared on 
                May 22, 2003, and the measures adopted on that date, 
                August 28, 2003, July 29, 2004, and November 29, 2004, 
                to deal with that emergency must continue in effect 
                beyond May 22, 2005. Therefore, in accordance with 
                section 202(d) of the National Emergencies Act (50 
                U.S.C. 1622(d)), I am continuing for 1 year the 
                national emergency protecting the Development Fund for 
                Iraq and certain other property in which Iraq has an 
                interest.

                This notice shall be published in the Federal Register 
                and transmitted to the Congress.

                    (Presidential Sig.)B

                THE WHITE HOUSE,

                     May 19, 2005.

[FR Doc. 05-10373
Filed 5-19-05; 2:45 pm]
Billing code 3195-01-P