[Federal Register: January 26, 2006 (Volume 71, Number 17)]
[Notices]
[Page 4398-4399]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26ja06-96]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
Proposed Collection; Comment Request for Reporting and Procedures
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 take this opportunity 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 should be received on or before March 27, 2006,
to be assured of consideration.
ADDRESSES: Direct all written comments to ``Paperwork Reduction Act''
care of the Licensing Division, Office of Foreign Assets Control,
Department of the
[[Page 4399]]
Treasury, 1500 Pennsylvania Avenue, NW., Annex--2d Floor, Washington,
DC 20220.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
about the filings or procedures should be directed to the Licensing
Division, Office of Foreign Assets Control, Department of the Treasury,
1500 Pennsylvania Avenue, NW., Annex--2d Floor, Washington, DC 20220.
SUPPLEMENTARY INFORMATION:
Title: Reporting, Procedures and Penalties Regulations.
OMB Number: 1505-0164.
Agency Form Number: TD-F-90-22.50.
Abstract: The collections of information are contained in
Sec. Sec. 501.601 through 501.605, 501.801, and 501.803 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 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 assets and retained funds
transfers. 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 U.S. financial
institutions where a funds transfer is not required to be blocked but
is rejected because the underlying transaction is otherwise prohibited.
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 and 501.803 through 501.805 relate to
license requests; the amendment, modification or revocation of
licenses; rulemaking; and document 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 persons seeking administrative
reconsideration of their designation or that of a vessel as blocked, or
who wish to assert that the circumstances resulting in the designation
are no longer applicable.
The likely respondents and recordkeepers affected by the
information collections contained in part 501 are financial
institutions, business organizations, and legal representatives. The
estimated total annual reporting and/or recordkeeping burden is
approximately 26,250 hours. The estimated annual burden per respondent/
record keeper varies from thirty 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 21,000. 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,
and legal representatives.
Estimated Number of Respondents: 21,000.
Estimated Time Per Respondent: 1.25 hours.
Estimated Total Annual Burden Hours: 26,250.
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 for five
years.
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.
Approved: January 20, 2006.
Jamal El-Hindi,
Associate Director, Program Policy & Implementation, Office of Foreign
Assets Control.
[FR Doc. E6-978 Filed 1-25-06; 8:45 am]
BILLING CODE 4810-25-P