[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: 31CFR537.704]



[Page 180-181]

 

                  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. 537.704  Penalty imposition or withdrawal.



    (a) No violation. If, after considering any response to the 

prepenalty notice and any relevant facts, the Director of the Office of 

Foreign Assets Control determines that there was no violation by the 

respondent named in the prepenalty notice, the Director promptly shall 

notify the respondent in writing of that determination and that no 

monetary penalty will be imposed.

    (b) Violation. If, after considering any response to the prepenalty 

notice, the Director of the Office of Foreign Assets Control determines 

that there was a violation by the respondent named in the prepenalty 

notice, the Director promptly shall issue a written notice of the 

imposition of the monetary penalty to the respondent.

    (1) The penalty notice shall inform the respondent that payment of 

the assessed penalty must be made within 30 days of the mailing of the 

penalty notice.



[[Page 181]]



    (2) The penalty notice shall inform the respondent of the 

requirement to furnish the respondent's taxpayer identification number 

pursuant to 31 U.S.C. 7701 and that such number will be used for 

purposes of collection and reporting on any delinquent penalty amount in 

the event of a failure to pay the penalty imposed.