Proclamation 8271 of June 26, 2008
Termination of the Exercise of Authorities Under the Trading With the Enemy Act With Respect to North Korea
By the President of the United States of America
A Proclamation I, GEORGE W. BUSH, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States, including section 101(b) of Public Law 95–223 (91 Stat. 1625; 50 U.S.C. App. 5(b) note), hereby find that the continuation of the exercise of authorities under the Trading With the Enemy Act (50 U.S.C. App. 1 et seq.) (TWEA) with respect to North Korea, as authorized in Proclamation 2914 of December 16, 1950, most recently continued under Presidential Determination 2007–32 of September 13, 2007 (72 FR 53407), and implemented by the regulations set forth below, is no longer in the national interest of the United States.
Section 1. The exercise of TWEA authorities with respect to North Korea, which were implemented by the Foreign Assets Control Regulations, 31 C.F.R. part 500, and the Transaction Control Regulations, 31 C.F.R. part 505, and that were continued by Presidential Determination 2007–32 of September 13, 2007, is terminated, and Presidential Determination 2007– 32 is rescinded with respect to North Korea.
Sec. 2. The Secretary of the Treasury is authorized and directed to take all appropriate measures within the Secretary’s authority to give effect to this proclamation.
Sec. 3. This proclamation is not intended to, and does not, create any right, benefit, or privilege, substantive or procedural, enforceable at law or in equity, by any party against the United States, its departments, agencies, instrumentalities, or entities, its officers or employees, or any other person.
Sec. 4. This proclamation is effective at 12:01 a.m. eastern daylight time on June 27, 2008.
IN WITNESS WHEREOF, I have hereunto set my hand this twenty-sixth day of June, in the year of our Lord two thousand eight, and of the Independence of the United States of America the two hundred and thirty-second.
Read in conjunction with Executive Order 13466 - Continuing Certain Restrictions With Respect to North Korea and North Korean Nationals (June 26, 2008), issued simultaneously. This Proclamation had the effect of terminating the use of TWEA as the legal basis for North Korea sanctions, with EO 13466 declaring, pursuant to the National Emergencies Act, a national emergency with respect to North Korea that allowed for the transfer of the then-active sanctions to an IEEPA-based authority. Those sanctions, and the national emergency declared in June, 2008, remain in effect as of 8/2019.
For general discussion on this EO in connection with the other authorities underlying the NKSR, refer to General Comment on the North Korea Sanctions Regulations and the Relationship Between the Authorities Underlying the Regulations (System Ed. Note).