[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: 31CFR597.704]



[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. 597.704  Penalty notice.



    (a) No violation. If, after considering any written 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, the Director promptly shall notify the respondent in writing 

of that determination and that no monetary penalty will be imposed.

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

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

Foreign Assets Control determines that there was a violation by the 

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

imposition of the monetary penalty on the respondent. The issuance of a 

written notice of the imposition of a monetary penalty shall constitute 

final agency action.

    (2) 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.

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

requirement to furnish respondent's taxpayer identification number 

pursuant to 31 U.S.C. 7701 and that the Department intends to use such 

number for the purposes of collecting and reporting on any delinquent 

penalty amount in the event of a failure to pay the penalty imposed.