District Circular Letters
December 23, 1997
OFFICE OF FOREIGN ASSET CONTROL:
CLAIMS AGAINST NORTH KOREA
BLOCKING OF ADDITIONAL SUDANESE BANKS
To the Chief Executive Officers
at State Member Banks, Bank Holding Companies,
U.S. Branches and Agencies of Foreign Banks,
Edge Act Corporations, and Others Concerned
in the Twelfth Federal Reserve District
Reporting of Claims against North Korea
The foreign assets control regulations have been amended to require
the reporting, no later than March 9, 1998, of all outstanding
claims held by U.S. nationals against the government of North Korea or
any North Korean entity. This amendment appeared in the Federal Register
on December 9, 1997.
Blocking of Sudanese Banks
In a bulletin dated November 4, 1997 (see our letter dated November
18, 1997), the Office of Foreign Assets Control (OFAC) announced that
President Clinton had imposed a trade embargo against Sudan which mandated
the blocking of several Sudanese banks (see below). OFAC has now announced
that Farmers Bank for Investment and Rural Development,
Khartoum, Sudan, has been added to the listed of blocked Sudanese banks.
For your convenience, the full list of blocked Sudanese banks included
in the November 4, 1997, OFAC bulletin and this announcement, is provided
below:
- Agricultural Bank of Sudan;
- Bank of Khartoum;
- Bank of Sudan (the Central Bank);
- Farmers Bank for Investment and Rural Development;
- Industrial Bank of Sudan;
- Islamic Co-Operate Development Bank;
- National Export-Import Bank;
- Nilein Industrial Development Bank;
- People's Co-Operative Bank;
- Sudan Commercial Bank;
- Sudanese Estates Bank;
- Sudanese Savings Bank; and
- Unity Bank.
Additional Information
For additional information regarding these matters, please contact OFAC,
at (800) 540-6322. Details are also available on the
OFAC web page (http://www.treas.gov/offices/enforcement/ofac/faq/answer.shtml),
or via OFAC's fax-on-demand service, at (202) 622-0077.
FEDERAL RESERVE BANK OF SAN FRANCISCO
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