[Code of Federal Regulations]

[Title 31, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR537.703]



[Page 180]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY

 

PART 537_BURMESE SANCTIONS REGULATIONS--Table of Contents

 

                           Subpart G_Penalties

 

Sec. 537.703  Response to prepenalty notice; informal settlement.



    (a) Deadline for response. The respondent shall have 30 days from 

the date of mailing of the prepenalty notice to make a written response 

to the Director of the Office of Foreign Assets Control.

    (b) Form and contents of response. The written response need not be 

in any particular form, but shall contain information sufficient to 

indicate that it is in response to the prepenalty notice. It should 

contain responses to the allegations in the prepenalty notice and set 

forth the reasons why the respondent believes the penalty should not be 

imposed or, if imposed, why it should be in a lesser amount than 

proposed.

    (c) Informal settlement. In addition or as an alternative to a 

written response to a prepenalty notice pursuant to this section, the 

respondent or respondent's representative may contact the Office of 

Foreign Assets Control as advised in the prepenalty notice to propose 

the settlement of allegations contained in the prepenalty notice and 

related matters. In the event of settlement at the prepenalty stage, the 

claim proposed in the prepenalty notice will be withdrawn, the 

respondent is not required to take a written position on allegations 

contained in the prepenalty notice, and the Office of Foreign Assets 

Control will make no final determination as to whether a violation 

occurred. The amount accepted in settlement of allegations in a 

prepenalty notice may vary from the civil penalty that might finally be 

imposed in the event of a formal determination of violation. In the 

event no settlement is reached, the 30-day period specified in paragraph 

(a) of this section for written response to the prepenalty notice 

remains in effect unless additional time is granted by the Office of 

Foreign Assets Control.