[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: 31CFR541.704]



[Page 237]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

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

 

PART 541_ZIMBABWE SANCTIONS REGULATIONS--Table of Contents

 

                           Subpart G_Penalties

 

Sec. 541.704  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 shall notify the 

respondent in writing of that determination and of the cancellation of 

the proposed monetary penalty.

    (b) Violation. (1) If, after considering any written response to the 

prepenalty notice, or default in the submission of a written response, 

and any relevant facts, 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 is authorized to issue a written 

penalty notice to the respondent of the determination of the violation 

and the imposition of the monetary penalty.

    (2) The penalty notice shall inform the respondent that payment or 

arrangement for installment payment of the assessed penalty must be made 

within 30 days of the date of mailing of the penalty notice by the 

Office of Foreign Assets Control.

    (3) 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 collecting and reporting on any delinquent penalty amount.

    (4) The issuance of the penalty notice finding a violation and 

imposing a monetary penalty shall constitute final agency action. The 

respondent has the right to seek judicial review of that final agency 

action in federal district court.