Proposed Collection; Comment Request for Reporting, Procedures and Penalties Regulations, 43903-43904 [2012-18251]

Agencies

• DEPARTMENT OF THE TREASURY
• Office of Foreign Assets Control

[Federal Register Volume 77, Number 144 (Thursday, July 26, 2012)]
[Notices]
[Pages 43903-43904]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-18251]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control


Proposed Collection; Comment Request for Reporting, Procedures 
and Penalties Regulations

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to comment on proposed and/or 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). 
Currently, the Office of Foreign Assets Control (``OFAC'') within the 
Department of the Treasury is soliciting comments concerning OFAC's 
information collection requirements contained within OFAC's Reporting, 
Procedures and Penalties Regulations set forth at 31 CFR part 501.

DATES: Written comments must be submitted on or before September 24, 
2012 to be assured of consideration.

ADDRESSES: You may submit comments by any of the following methods:
    Federal eRulemaking Portal: www.regulations.gov.
    Follow the instructions on the Web site for submitting comments.
    Fax: Attn: Request for Comments (Reporting, Procedures and 
Penalties Regulations) (202) 622-1657.
    Mail: Attn: Request for Comments (Reporting, Procedures and 
Penalties

[[Page 43904]]

Regulations). Office of Foreign Assets Control, Department of the 
Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220.
    Instructions: All submissions received must include the agency name 
and the Federal Register Doc. number that appears at the end of this 
document. Comments received will be made available to the public via 
regulations.gov or upon request, without change and including any 
personal information provided.

FOR FURTHER INFORMATION CONTACT: Assistant Director for Sanctions 
Compliance & Evaluation, tel.: 202/622-2490, Assistant Director for 
Licensing, tel.: 202/622-2480, Assistant Director for Policy, tel.: 
202/622-4855, Office of Foreign Assets Control, or Chief Counsel 
(Foreign Assets Control), tel.: 202/622-2410, Office of the General 
Counsel, Department of the Treasury (not toll free numbers).

SUPPLEMENTARY INFORMATION: 
    Title: Reporting, Procedures and Penalties Regulations.
    OMB Control Number: 1505-0164.
    Abstract: The collections of information are contained in sections 
501.601 through 501.605, 501.801, and 501.804 through 501.807 and 
pertain to the operation of various economic sanctions programs 
administered by OFAC under 31 CFR chapter V. Section 501.601 relates to 
the maintenance of records and section 501.602 relates to OFAC demands 
for information relative to any transaction or property subject to the 
provisions of 31 CFR chapter V. Section 501.603 imposes reporting 
requirements pertaining to blocked property and retained funds. This 
information is required by OFAC to monitor compliance with regulatory 
requirements, to support diplomatic negotiations concerning the targets 
of sanctions, and to support settlement negotiations addressing U.S. 
claims. Section 501.604 requires the filing of reports for compliance 
purposes by financial institutions where a funds transfer is not 
required to be blocked but where processing the transfer would 
nonetheless violate, or facilitate a transaction that is prohibited 
under, other provisions in 31 CFR chapter V. Section 501.605 requires 
reporting of information pertaining to litigation, arbitration, and 
other binding alternative dispute resolution proceedings in the United 
States to prevent the intentional or inadvertent transfer through such 
proceedings of blocked property or retained funds. Sections 501.801, 
501.804, and 501.805 relate, respectively, to license requests; 
rulemakings; and records requests. Section 501.806 sets forth the 
procedures to be followed by a person seeking to have funds released at 
a financial institution if the person believes that the funds were 
blocked due to mistaken identity. Section 501.807 sets forth the 
procedures to be followed by a person seeking administrative 
reconsideration of his, her, or its designation or of a vessel as 
blocked, or who wishes to assert that the circumstances resulting in 
the designation or blocking no longer apply.
    The likely respondents and record-keepers affected by the 
information collections contained in part 501 are financial 
institutions, business organizations, individuals, and legal 
representatives. The estimated total annual reporting and/or 
recordkeeping burden is approximately 47,780 hours. The estimated 
annual burden per respondent/record-keeper varies from 30 minutes to 10 
hours, depending on individual circumstances, with an estimated average 
of 1.25 hours. The estimated number of respondents and/or record-
keepers is 38,224. The estimated annual frequency of responses: 1-12.
    Current Actions: There are no changes being made to the notice at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Financial institutions, business organizations, 
individuals, and legal representatives.
    Estimated Number of Respondents: 38,224.
    Estimated Time per Respondent: 1.25 hours.
    Estimated Total Annual Burden Hours: 47,780.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid Office of Management and Budget (``OMB'') 
control number.

Request for Comments

    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB 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 has 
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: July 20, 2012.
Robert Dahl,
Treasury Departmental Clearance Officer.
[FR Doc. 2012-18251 Filed 7-25-12; 8:45 am]
BILLING CODE 4810-25-P