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U.S. Treasury Unblocks Serbian and Montenegrin Assets

In a move aimed at helping Serbia and Montenegro recover from the effects of the former Milosevic regime, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has unblocked certain property and assets owned by the Federal Republic of Yugoslavia.

Background

According to an OFAC Operational Bulletin issued on December 27, 2002, all remaining blocked property and interests in property under the Federal Republic of Yugoslavia (Serbia & Montenegro) Sanctions Regulations and the Federal Republic of Yugoslavia (Serbia and Montenegro) Kosovo Sanctions Regulations are authorized for unblocking. However, there are three exceptions:

• Diplomatic and consular missions of the former Socialist Federal Republic of Yugoslavia
• Persons subject to sanctions under other parts of 31 CFR chapter V
• The central bank of the former Socialist Federal Republic of Yugoslavia

General Licenses Issued

The OFAC has also issued general licenses allowing any person or government to seek judicial or legal process with respect to property being unblocked. These general licenses aim to help individuals and governments protect their rights with regard to such property.

FDIC Notification

OFAC is distributing this information to all FDIC-supervised institutions, asking them to check records for accounts that require blocking. The master list of Specially Designated Nationals and Blocked Persons can be accessed on the OFAC website.

Contact Information

For further information about Executive Orders, U.S. Sanctions, blocked accounts or procedures to block accounts, contact OFAC’s Compliance Programs Division at 1-800-540-6322.

Additional Resources

The FDIC Financial Institution Letters may be accessed from the FDIC’s Web site at www.fdic.gov/news/financial-institution-letters/2003/index.html.