For Immediate Release
Office of the Press Secretary
May 19, 2005
Notice: 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 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.
GEORGE W. BUSH
THE WHITE HOUSE,
May 19, 2005.
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