Continuation of the National Emergency Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq has an Interest, 29237-29238 [06-4766]

Agencies

• Executive Office of the President
• Presidential Documents

[Federal Register Volume 71, Number 97 (Friday, May 19, 2006)]
[Presidential Documents]
[Pages 29237-29238]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-4766]



[[Page 29235]]

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Part IV





The President





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Notice of May 18, 2006--Continuation of the National Emergency 
Protecting the Development Fund for Iraq and Certain Other Property in 
Which Iraq has an Interest



Notice of May 18, 2006--Continuation of the National Emergency With 
Respect to Burma


                        Presidential Documents 



Federal Register / Vol. 71, No. 97 / Friday, May 19, 2006 / 
Presidential Documents

___________________________________________________________________

Title 3--
The President

[[Page 29237]]

                Notice of May 18, 2006

                
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 the national emergency in 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

[[Page 29238]]

                to the national security and foreign policy of the 
                United States posed by 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, 2006. 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 18, 2006.

[FR Doc. 06-4766
Filed 5-18-06; 12:56 pm]
Billing code 3195-01-P