Department of the Treasury August 15, 2012 – Federal Register Recent Federal Regulation Documents

This document proposes to amend the U.S. Customs and Border Protection (CBP) regulations to set forth the prohibitions and conditions that are applicable to the importation and exportation of rough diamonds pursuant to the Clean Diamond Trade Act, as implemented by the President in Executive Order 13312 dated July 29, 2003, and the Rough Diamonds Control Regulations (RDCR) issued by the Office of Foreign Assets Control of the U.S. Department of the Treasury. In addition to restating pertinent provisions of the RDCR, the proposed amendments would clarify that any U.S. person exporting from or importing into the United States a shipment of rough diamonds must retain for a period of at least five years a copy of the Kimberley Process Certificate that currently must accompany such shipments and make the copy available for inspection when requested by CBP. The document also proposes to require formal entry for shipments of rough diamonds.

This document cancels a public hearing on proposed regulations relating to the disclosure of return under section 6103(1)(21) of the Internal Revenue Code, as enacted by the Patient Protection and Affordable Care Act and Health Care and Education Reconciliation Act of 2010.