[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: 31CFR597.703]



[Page 490]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

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

 

PART 597_FOREIGN TERRORIST ORGANIZATIONS SANCTIONS REGULATIONS--Table 

of Contents

 

                           Subpart G_Penalties

 

Sec. 597.703  Response to prepenalty notice.



    (a) Time within which to respond. The respondent shall have 30 days 

from the date of mailing of the prepenalty notice to respond in writing 

to the Director of the Office of Foreign Assets Control.

    (b) Form and contents of written 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 

respond 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 

prepenalty notice will be withdrawn, the respondent is not required to 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.