Agency Information Collection Activities; Proposed Collection; Comment Request for Reporting, Procedures and Penalties Regulations and Other Information Collections Maintained by the Office of Foreign Assets Control, 74375-74376 [2024-20675]
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Federal Register / Vol. 89, No. 177 / Thursday, September 12, 2024 / Notices
[FR Doc. 2024–20619 Filed 9–11–24; 8:45 am]
BILLING CODE P
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
[Docket No.: OFAC–2024–0003]
Agency Information Collection
Activities; Proposed Collection;
Comment Request for Reporting,
Procedures and Penalties Regulations
and Other Information Collections
Maintained by the Office of Foreign
Assets Control
Office of Foreign Assets
Control, Treasury.
ACTION: Notice and request for
comments.
AGENCY:
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 or continuing information
collections, as required by the
Paperwork Reduction Act of 1995.
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, the Cuban
Assets Control Regulations, the Iran
Financial Sanctions Regulations, and
the Hizballah Financial Sanctions
Regulations.
SUMMARY:
Written comments must be
submitted on or before November 12,
2024 to be assured of consideration.
ADDRESSES: You may submit comments
by either of the following methods:
Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions on the website for
submitting comments.
Email: OFACreport@treasury.gov with
Attn: Request for Comments (Reporting,
Procedures and Penalties Regulations).
Instructions: All submissions received
must include the agency name and refer
to Docket Number OFAC–2024–0003
and the Office of Management and
Budget (OMB) control number 1505–
0164. Comments received will be made
available to the public via https://
www.regulations.gov or upon request,
without change and including any
personal information provided.
FOR FURTHER INFORMATION CONTACT:
OFAC: Assistant Director for Licensing,
202–622–2480; Assistant Director for
Regulatory Affairs, 202–622–4855; or
Assistant Director for Compliance, 202–
ddrumheller on DSK120RN23PROD with NOTICES1
DATES:
VerDate Sep<11>2014
20:43 Sep 11, 2024
Jkt 262001
622–2490 or https://ofac.treasury.gov/
contact-ofac.
SUPPLEMENTARY INFORMATION:
Title: Reporting, Procedures and
Penalties Regulations.
OMB Number: 1505–0164.
Type of Review: Extension of a
currently approved collection;
consolidation with other approved
collections.
Description: The collections of
information are contained in sections
501.601 through 501.605, 501.801, and
501.804 through 501.807 of OFAC’s
Reporting, Procedures and Penalties
Regulations (the ‘‘Regulations’’), and
certain other parts of 31 CFR chapter V,
and pertain to the operation of various
economic sanctions programs
administered by OFAC under 31 CFR
chapter V. Section 501.601 addresses
the maintenance of records, and
§ 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, as well as property that
is unblocked or transferred. This
information is required by OFAC to
monitor compliance with regulatory
requirements, to support diplomatic
negotiations concerning the targets of
sanctions, to support settlement
negotiations addressing U.S. claims, and
to respond to Congressional reporting
requirements. Section 501.604 requires
the filing of reports for compliance
purposes by U.S. persons where a
transaction is not required to be blocked
but where processing or otherwise
engaging in the transaction 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 to license requests, the procedures
for rulemaking, and records requests,
respectively. Section 501.806 sets forth
the procedures to be followed by a
person seeking to unblock funds that the
person believes they have blocked due
to mistaken identity or typographical or
similar errors. Section 501.807 sets forth
the procedures to be followed by a
person seeking administrative
reconsideration of the listing of a person
or property (e.g., a vessel) on any list of
sanctioned persons or property
PO 00000
Frm 00176
Fmt 4703
Sfmt 4703
74375
maintained by OFAC. OFAC maintains
mandatory and voluntary forms for the
bulk of these collections and is not
making major changes to these existing
forms.
In addition, OFAC seeks to
consolidate within this information
collection five separately approved
information collections: OMB Numbers
1505–0167, 1505–0168, 1505–0243,
1505–0255, and 1505–0170. These
information collections are relevant to
31 CFR 501.801, 515,572, 561.504, and
566.504. OFAC is also extending from
five years to 10 years the recordkeeping
requirements codified at 31 CFR
501.601, paragraph IV.B of appendix A
to part 501, and 515.572 to align with
the extended statute of limitations for
civil and criminal violations of the
International Emergency Economic
Powers Act (IEEPA) or the Trading with
the Enemy Act (TWEA).
The reports covered by this
information collection will be reviewed
by the U.S. Department of the Treasury
and may be used for compliance, civil
penalty, and enforcement purposes by
the agency.
Forms: For filers who have been
granted an exception from electronic
reporting using the OFAC Reporting
System (ORS), OFAC allows the
submission of the following, through the
following approved forms: the Annual
Report of Blocked Property (ARBP), TD–
F 90–22.50; Report on Blocked
Property—Financial, TD–F 93.02;
Report on Blocked Property—Tangible/
Real/Other Non-Financial Property, TD–
F 93.08; Report on Rejected Transaction,
TD–F 93.07. OFAC also maintains the
following forms related to licensing:
TSRA License Application, TD–F 93.04;
Licensing Cover Sheet, TD–F 98–22.61;
and Application for the Release of
Blocked Funds TD–F 90–22.54. In
addition, OFAC issued a new form,
REPO for Ukrainians Act Report Form,
TD–F 93.09, to implement a new
reporting requirement pursuant to the
Rebuilding Economic Prosperity and
Opportunity for Ukrainians Act for
financial institutions holding Russian
sovereign assets, if not previously
reported to OFAC. The other
information collections covered by this
notice do not have mandatory or
voluntary forms.
Affected Public: Financial
institutions, business organizations,
nonprofit organizations, individuals,
households, nongovernmental
organizations, and legal representatives.
Estimated Number of Respondents:
OFAC’s estimate for the number of
unique reporting respondents is
approximately 10,900. The significant
increase in the number of unique
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74376
Federal Register / Vol. 89, No. 177 / Thursday, September 12, 2024 / Notices
ddrumheller on DSK120RN23PROD with NOTICES1
respondents since OFAC’s last
information collection submission
regarding the Regulations in 2021 is due
to OFAC consolidating several
information collection requests and, in
response to unpredictable foreign policy
developments and considerations, and
given the ongoing conflict in Ukraine,
has added a number of new
prohibitions, as well as several
thousand new designations, particularly
with respect to Ukraine and Russian,
resulting in a corresponding increase in
related reports. In addition, a May 2024
amendment to the Cuban Assets Control
Regulations in 31 CFR 515.584(d)
reinstated an authorization for ‘‘U-turn’’
transactions to support independent
private sector entrepreneurs in Cuba, by
facilitating remittances and payments
for authorized transactions in the Cuban
private sector, which is expected to lead
to an increase in remittances to Cuba
over the coming three years.
Frequency of Response: The estimated
annual frequency of responses is
between 1 and 17,800, varying greatly
by entity depending on the size, nature,
and scope of business activities of each
respondent, with the majority of filers
providing a small number of responses
and a small number of filers submitting
a higher number of responses.
Estimated Total Number of Annual
Responses: The estimated total number
of responses per year is approximately
2,502,086.
Estimated Time per Response: OFAC
assesses that there is an average time
estimate for reports associated with
forms ranging from 15 minutes to 2
hours and for reports associated with
general licenses, Cuba remittances, Cuba
travel, closure of correspondent or
payable-through accounts, and other
miscellaneous reports ranging from 1
minute to 5 hours.
Estimated Total Annual Burden
Hours: The estimated total annual
reporting burden is approximately
86,223 hours.
Request for Comments
Comments submitted in response to
this notice will be summarized and
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
VerDate Sep<11>2014
20:43 Sep 11, 2024
Jkt 262001
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
required to provide information.
Authority: 44 U.S.C. 3501 et seq.
Dated: September 9, 2024.
Lisa M. Palluconi,
Acting Director, Office of Foreign Assets
Control.
[FR Doc. 2024–20675 Filed 9–11–24; 8:45 am]
BILLING CODE 4810–AL–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Agency Collection Activities;
Requesting Comments on Form 8801
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Internal Revenue Service,
as part of its continuing effort to reduce
paperwork and respondent burden,
invites the general public and other
federal agencies to take this opportunity
to comment on proposed and/or
continuing information collections, as
required by the Paperwork Reduction
Act of 1995. The IRS is soliciting
comments concerning Form 8801,
Credit for Prior Year Minimum Tax—
Individuals, Estates, and Trusts.
DATES: Written comments should be
received on or before November 12,
2024 to be assured of consideration.
ADDRESSES: Direct all written comments
to Andres Garcia, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or
by email to pra.comments@irs.gov.
Include OMB Control No. 1545–1073 in
the subject line of the message.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of this collection should be
directed to Jason Schoonmaker, (801)
620–2128, at Internal Revenue Service,
Room 6526, 1111 Constitution Avenue
NW, Washington, DC 20224, or through
the internet at jason.m.schoonmaker@
irs.gov.
SUMMARY:
The IRS is
currently seeking comments concerning
the following information collection
tools, reporting, and record-keeping
requirements:
Title: Credit for Prior Year Minimum
Tax—Individuals, Estates, and Trusts.
OMB Number: 1545–1073.
Form Number: Form 8801.
SUPPLEMENTARY INFORMATION:
PO 00000
Frm 00177
Fmt 4703
Sfmt 4703
Abstract: Form 8801 is used by
individuals, estates, and trusts to
compute the minimum tax credit, if any,
available from a tax year beginning after
1986 to be used in the current year or
to be carried forward for use in a future
year. These burden estimates are only
for trust and estate filers (nonindividual taxpayers). The burden
estimates for other filers are covered
under OMB control numbers 1545–0074
for individual filers.
Current Actions: There are no changes
to the burden previously approved by
OMB. This submission is for renewal
purposes.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals and
households.
Estimated Number of Responses:
20,100.
Estimated Time per Respondent: 7
hours, 4 minutes.
Estimated Total Annual Burden
Hours: 142,164.
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 OMB control number.
Books or records relating to a collection
of information must be retained as long
as their contents may become material
in the administration of any internal
revenue law. Generally, tax returns and
tax return information are confidential,
as required by 26 U.S.C. 6103.
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 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.
E:\FR\FM\12SEN1.SGM
12SEN1
]]>Agencies
[Federal Register Volume 89, Number 177 (Thursday, September 12, 2024)]
[Notices]
[Pages 74375-74376]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-20675]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
[Docket No.: OFAC-2024-0003]
Agency Information Collection Activities; Proposed Collection;
Comment Request for Reporting, Procedures and Penalties Regulations and
Other Information Collections Maintained by the Office of Foreign
Assets Control
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
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 or continuing
information collections, as required by the Paperwork Reduction Act of
1995. 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, the Cuban Assets Control
Regulations, the Iran Financial Sanctions Regulations, and the
Hizballah Financial Sanctions Regulations.
DATES: Written comments must be submitted on or before November 12,
2024 to be assured of consideration.
ADDRESSES: You may submit comments by either of the following methods:
Federal eRulemaking Portal: https://www.regulations.gov. Follow the
instructions on the website for submitting comments.
Email: [email protected] with Attn: Request for Comments
(Reporting, Procedures and Penalties Regulations).
Instructions: All submissions received must include the agency name
and refer to Docket Number OFAC-2024-0003 and the Office of Management
and Budget (OMB) control number 1505-0164. Comments received will be
made available to the public via https://www.regulations.gov or upon
request, without change and including any personal information
provided.
FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs,
202-622-4855; or Assistant Director for Compliance, 202-622-2490 or
https://ofac.treasury.gov/contact-ofac.
SUPPLEMENTARY INFORMATION:
Title: Reporting, Procedures and Penalties Regulations.
OMB Number: 1505-0164.
Type of Review: Extension of a currently approved collection;
consolidation with other approved collections.
Description: The collections of information are contained in
sections 501.601 through 501.605, 501.801, and 501.804 through 501.807
of OFAC's Reporting, Procedures and Penalties Regulations (the
``Regulations''), and certain other parts of 31 CFR chapter V, and
pertain to the operation of various economic sanctions programs
administered by OFAC under 31 CFR chapter V. Section 501.601 addresses
the maintenance of records, and Sec. 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, as well
as property that is unblocked or transferred. This information is
required by OFAC to monitor compliance with regulatory requirements, to
support diplomatic negotiations concerning the targets of sanctions, to
support settlement negotiations addressing U.S. claims, and to respond
to Congressional reporting requirements. Section 501.604 requires the
filing of reports for compliance purposes by U.S. persons where a
transaction is not required to be blocked but where processing or
otherwise engaging in the transaction 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 to license requests, the procedures for rulemaking, and records
requests, respectively. Section 501.806 sets forth the procedures to be
followed by a person seeking to unblock funds that the person believes
they have blocked due to mistaken identity or typographical or similar
errors. Section 501.807 sets forth the procedures to be followed by a
person seeking administrative reconsideration of the listing of a
person or property (e.g., a vessel) on any list of sanctioned persons
or property maintained by OFAC. OFAC maintains mandatory and voluntary
forms for the bulk of these collections and is not making major changes
to these existing forms.
In addition, OFAC seeks to consolidate within this information
collection five separately approved information collections: OMB
Numbers 1505-0167, 1505-0168, 1505-0243, 1505-0255, and 1505-0170.
These information collections are relevant to 31 CFR 501.801, 515,572,
561.504, and 566.504. OFAC is also extending from five years to 10
years the recordkeeping requirements codified at 31 CFR 501.601,
paragraph IV.B of appendix A to part 501, and 515.572 to align with the
extended statute of limitations for civil and criminal violations of
the International Emergency Economic Powers Act (IEEPA) or the Trading
with the Enemy Act (TWEA).
The reports covered by this information collection will be reviewed
by the U.S. Department of the Treasury and may be used for compliance,
civil penalty, and enforcement purposes by the agency.
Forms: For filers who have been granted an exception from
electronic reporting using the OFAC Reporting System (ORS), OFAC allows
the submission of the following, through the following approved forms:
the Annual Report of Blocked Property (ARBP), TD-F 90-22.50; Report on
Blocked Property--Financial, TD-F 93.02; Report on Blocked Property--
Tangible/Real/Other Non-Financial Property, TD-F 93.08; Report on
Rejected Transaction, TD-F 93.07. OFAC also maintains the following
forms related to licensing: TSRA License Application, TD-F 93.04;
Licensing Cover Sheet, TD-F 98-22.61; and Application for the Release
of Blocked Funds TD-F 90-22.54. In addition, OFAC issued a new form,
REPO for Ukrainians Act Report Form, TD-F 93.09, to implement a new
reporting requirement pursuant to the Rebuilding Economic Prosperity
and Opportunity for Ukrainians Act for financial institutions holding
Russian sovereign assets, if not previously reported to OFAC. The other
information collections covered by this notice do not have mandatory or
voluntary forms.
Affected Public: Financial institutions, business organizations,
nonprofit organizations, individuals, households, nongovernmental
organizations, and legal representatives.
Estimated Number of Respondents: OFAC's estimate for the number of
unique reporting respondents is approximately 10,900. The significant
increase in the number of unique
[[Page 74376]]
respondents since OFAC's last information collection submission
regarding the Regulations in 2021 is due to OFAC consolidating several
information collection requests and, in response to unpredictable
foreign policy developments and considerations, and given the ongoing
conflict in Ukraine, has added a number of new prohibitions, as well as
several thousand new designations, particularly with respect to Ukraine
and Russian, resulting in a corresponding increase in related reports.
In addition, a May 2024 amendment to the Cuban Assets Control
Regulations in 31 CFR 515.584(d) reinstated an authorization for ``U-
turn'' transactions to support independent private sector entrepreneurs
in Cuba, by facilitating remittances and payments for authorized
transactions in the Cuban private sector, which is expected to lead to
an increase in remittances to Cuba over the coming three years.
Frequency of Response: The estimated annual frequency of responses
is between 1 and 17,800, varying greatly by entity depending on the
size, nature, and scope of business activities of each respondent, with
the majority of filers providing a small number of responses and a
small number of filers submitting a higher number of responses.
Estimated Total Number of Annual Responses: The estimated total
number of responses per year is approximately 2,502,086.
Estimated Time per Response: OFAC assesses that there is an average
time estimate for reports associated with forms ranging from 15 minutes
to 2 hours and for reports associated with general licenses, Cuba
remittances, Cuba travel, closure of correspondent or payable-through
accounts, and other miscellaneous reports ranging from 1 minute to 5
hours.
Estimated Total Annual Burden Hours: The estimated total annual
reporting burden is approximately 86,223 hours.
Request for Comments
Comments submitted in response to this notice will be summarized
and 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 required to provide information.
Authority: 44 U.S.C. 3501 et seq.
Dated: September 9, 2024.
Lisa M. Palluconi,
Acting Director, Office of Foreign Assets Control.
[FR Doc. 2024-20675 Filed 9-11-24; 8:45 am]
BILLING CODE 4810-AL-P
