Financial Crimes Enforcement Network; Proposed Renewal Without Change; Comment Request; Imposition of Special Measure Against VEF Banka, as a Financial Institution of Primary Money Laundering Concern, 18331 [E8-6889]

Agencies

• DEPARTMENT OF THE TREASURY
• Department of Treasury

[Federal Register Volume 73, Number 65 (Thursday, April 3, 2008)]
[Notices]
[Page 18331]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-6889]



[[Page 18331]]

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DEPARTMENT OF THE TREASURY


Financial Crimes Enforcement Network; Proposed Renewal Without 
Change; Comment Request; Imposition of Special Measure Against VEF 
Banka, as a Financial Institution of Primary Money Laundering Concern

AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Department 
of the Treasury.

ACTION: Notice and request for comments.

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SUMMARY: As part of our continuing effort to reduce paperwork and 
respondent burden, FinCEN invites comment on a proposed renewal, 
without change, to information collection requirements found in 
existing regulations imposing the imposition of a special measure 
against the VEF Banka, as a financial institution of primary money 
laundering concern. This request for comments is being made pursuant to 
the Paperwork Reduction Act of 1995, Public Law 104-13, 44 U.S.C. 
3506(c)(2)(A).

DATES: Written comments are welcome and must be received on or before 
June 2, 2008.

ADDRESSES: Written comments should be submitted to: Financial Crimes 
Enforcement Network, P.O. Box 39, Vienna, VA 22183, Attention: Comment 
Request; Imposition of Special Measure against VEF Banka. Comments also 
may be submitted by electronic mail to the following Internet address: 
regcomments@fincen.gov, again with a caption, in the body of the text, 
``Attention: Comment Request; Imposition of Special Measure against VEF 
Banka.''
    Inspection of comments: Comments may be inspected, between 10 a.m. 
and 4 p.m., in the FinCEN reading room in Vienna, VA. Persons wishing 
to inspect the comments submitted must request an appointment with the 
Disclosure Officer by telephoning (703) 905-5034 (Not a toll free 
call).

FOR FURTHER INFORMATION CONTACT: Financial Crimes Enforcement Network, 
Regulatory Policy and Programs Division at (800) 949-2732.

SUPPLEMENTARY INFORMATION:
    Abstract: The Director of the Financial Crimes Enforcement Network 
is the delegated administrator of the Bank Secrecy Act. The Act 
authorizes the Director to issue regulations to require all financial 
institutions defined as such pursuant to the Act to maintain or file 
certain reports or records that have been determined to have a high 
degree of usefulness in criminal, tax, or regulatory investigations or 
proceedings, or in the conduct of intelligence or counter-intelligence 
activities, including analysis, to protect against international 
terrorism.\1\
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    \1\ Pub. L. 91-508, as amended and codified at 12 U.S.C. 1829b, 
12 U.S.C. 1951-1959 and 31 U.S.C. 5311-5332. Language expanding the 
scope of the Bank Secrecy Act to intelligence or counter-
intelligence activities to protect against international terrorism 
was added by section 358 of the Uniting and Strengthening America by 
Providing Appropriate Tools Required to Intercept and Obstruct 
Terrorism (USA PATRIOT) Act of 2001, Pub. L. No. 107-56.
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    Regulations implementing section 5318A of title 31, United States 
Code can be found in part at 31 CFR 103.192. In general, the 
regulations require financial institutions, as defined in 31 U.S.C. 
5312(a)(2) and 31 CFR 103.11 to establish, document, and maintain 
programs as an aid in protecting and securing the U.S. financial 
system.
    Title: Imposition of Special Measure against VEF Banka.
    Office of Management and Budget Control Number: 1506-0041.
    Abstract: The Financial Crimes Enforcement Network is issuing this 
notice to renew the control number for an information collection in an 
existing regulation concerning the imposition of a special measure 
against the VEF Banka, as a financial institution of primary money 
laundering concern, pursuant to the authority contained in 31 U.S.C. 
5318A.
    Current Action: Renewal without change to existing regulations.
    Type of Review: Extension of a currently approved information 
collection.
    Affected Public: Business and other for-profit institutions.
    Burden: Estimated Number of Respondents: 5,000.
    Estimated Number of Responses: 5,000.
    Estimated Number of Hours: 5,000. (Estimated at one hour per 
respondent).
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless it displays a valid 
control number assigned by the Office of Management and Budget. Records 
required to be retained under the Bank Secrecy Act must be retained for 
five years. Generally, information collected pursuant to the Bank 
Secrecy Act is confidential but may be shared as provided by law with 
regulatory and law enforcement authorities.

Request for Comments

    Comments submitted in response to this notice will be summarized 
and/or included in the request for Office of Management and Budget 
approval. All comments will become a matter of public record. Comments 
are invited on: (a) Whether the collection of information is necessary 
for the proper performance of the functions of the agency, including 
whether the information shall have practical utility; (b) the accuracy 
of the agency's estimate of the burden of the collection of 
information; (c) ways to enhance the quality, utility, and clarity of 
the information to be collected: (d) ways to minimize the burden of the 
collection of information on respondents, including through the use of 
automated collection techniques or other forms of information 
technology; and (e) estimates of capital or start-up costs and costs of 
operation, maintenance and purchase of services to provide information.

    Dated: March 26, 2008.
James H. Freis, Jr.,
Director, Financial Crimes Enforcement Network.
[FR Doc. E8-6889 Filed 4-2-08; 8:45 am]
BILLING CODE 4810-02-P