Recent OFAC Actions
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The following two
notices where published in the Federal
Register on Wednesday, May 30, 2001. Both
notices,
Comment Request for Reporting and Procedures
Regulations and
Comment Request for Payments to Persons Who
Hold Certain Categories of Judgments Against
Cuba or Iran can be
found in the legal section of this site.
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
PROPOSED COLLECTION; COMMENT REQUEST FOR
REPORTING AND PROCEDURES REGULATIONS
AGENCY: Office of Foreign Assets Control,
Treasury.
ACTION: Notice and request for
comments.
SUMMARY: The Department of the Treasury,
as part of its continuing effort to reduce
paperwork and respondent burden, invites the
general public and other Federal agencies to
take this opportunity to comment on proposed
and/or continuing information collections, as
required by the Paperwork Reduction Act of
1995, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the Office of
Foreign Assets Control ("OFAC") within the
Department of the Treasury is soliciting
comments concerning OFAC's information
collection requirements contained within
OFAC's Reporting and Procedures Regulations
set forth at 31 CFR Part 501.
DATES: Written comments should be received
on or before [60 days after date of
publication] to be assured of
consideration.
ADDRESSES: Direct all written comments to
Dennis P. Wood, Chief, Compliance Programs
Division, or Barbara C. Hammerle, Acting
Chief Counsel, Office of Foreign Assets
Control, Department of the Treasury, 1500
Pennsylvania Avenue, N.W., Annex -- 2d Floor,
Washington, D.C. 20220.
FOR FURTHER INFORMATION CONTACT: Requests
for additional information about the filings
or procedures should be directed to Dennis P.
Wood, Chief, Compliance Programs Division,
Office of Foreign Assets Control, Department
of the Treasury, 1500 Pennsylvania Avenue,
N.W., 1500 Pennsylvania Avenue, Annex -- 2d
Floor, Washington, D.C. 20220.
SUPPLEMENTARY INFORMATION:
Title: Reporting and Procedures
Regulations
OMB Number: 1505-0164
Agency Form Number: TD-F-90-22.50
Abstract: The collections of information
are contained in Secs. 501.601 through
501.605, 501.801 and 501.803 through 501.807
and pertain to the operation of various
economic sanctions programs administered by
OFAC under 31 CFR Chapter V. Section 501.601
relates to the maintenance of records and
§ 501.602 relates to OFAC demands for
information relative to any transaction or
property subject to the provisions of 31 CFR
Chapter V. Section 501.603 imposes reporting
requirements pertaining to blocked assets and
retained funds transfers. This information is
required by OFAC to monitor compliance with
regulatory requirements, to support
diplomatic negotiations concerning the
targets of sanctions, and to support
settlement negotiations addressing U.S.
claims. Section 501.604 requires the filing
of reports for compliance purposes by U.S.
financial institutions where a funds transfer
is not required to be blocked but is rejected
because the underlying transaction is
otherwise prohibited. Section 501.605
requires reporting of information pertaining
to litigation, arbitration, and other binding
alternative dispute resolution proceedings in
the United States to prevent the intentional
or inadvertent transfer through such
proceedings of blocked property or retained
funds. Sections 501.801 and 501.803 through
501.805 relate to license requests; the
amendment, modification or revocation of
licenses; rulemaking; and document requests.
Section 501.806 sets forth the procedures to
be followed by a person seeking to have funds
released at a financial institution if the
person believes that the funds were blocked
due to mistaken identity. Section 501.807
sets forth the procedures to be followed by
persons seeking administrative
reconsideration of their designation or that
of a vessel as blocked, or who wish to assert
that the circumstances resulting in the
designation are no longer applicable. The
likely respondents and recordkeepers affected
by the information collections contained in
part 501 are financial institutions, business
organizations, and legal representatives. The
estimated total annual reporting and/or
recordkeeping burden is approximately 26,250
hours. The estimated annual burden per
respondent/record keeper varies from thirty
minutes to 10 hours, depending on individual
circumstances, with an estimated average of
1.25 hours. The estimated number of
respondents and/or record keepers is 21,000.
The estimated annual frequency of responses:
1-12.
Current Actions: There are no changes
being made to the notice at this time.
Type of Review: Extension of a currently
approved collection.
Affected Public: Financial institutions,
business organizations, and legal
representatives.
Estimated Number of Respondents:
21,000
Estimated Time Per Respondent: 1.25
hours
Estimated Total Annual Burden Hours:
26,250
The following paragraph applies to all of
the collections of information covered by
this notice:
An agency may not conduct or sponsor, and
a person is not required to respond to, a
collection of information unless the
collection of information displays a valid
OMB control number. Books or records relating
to a collection of information must be
retained for five years.
Request for Comments
Comments submitted in response to this
notice will be summarized and/or included in
the request for OMB approval. All comments
will become a matter of public record.
Comments are invited on: (a) Whether the
collection of information is necessary for
the proper performance of the functions of
the agency, including whether the information
has practical utility; (b) the accuracy of
the agency's estimate of the burden of the
collection of information; (c) ways to
enhance the quality, utility, and clarity of
the information to be collected; (d) ways to
minimize the burden of the collection of
information on respondents, including through
the use of automated collection techniques or
other forms of information technology; and
(e) estimates of capital or start-up costs
and costs of operation, maintenance, and
purchase of services to provide
information.
Approved: May 23, 2001.
Barbara C. Hammerle
Acting Chief Counsel
Office of Foreign Assets Control.
BILLING CODE 4810-25-P
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
PROPOSED COLLECTION; COMMENT REQUEST FOR
PAYMENTS TO PERSONS WHO HOLD CERTAIN
CATEGORIES OF JUDGMENTS AGAINST CUBA OR
IRAN
AGENCY: Office of Foreign Assets Control,
Treasury.
ACTION: Notice and request for
comments.
SUMMARY: The Department of the Treasury,
as part of its continuing effort to reduce
paperwork and respondent burden, invites the
general public and other Federal agencies to
take this opportunity to comment on proposed
and/or continuing information collections, as
required by the Paperwork Reduction Act of
1995, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the Office of
Foreign Assets Control ("OFAC") within the
Department of the Treasury is soliciting
comments concerning OFAC's information
collection requirements contained within the
procedures set forth for persons to establish
eligibility for payments authorized by
section 2002 of the Victims of Trafficking
and Violence Protection Act of 2000 (Act),
Public Law No. 106-386 ("Section 2002").
Section 2002 directs the Secretary of the
Treasury to make payments to persons who hold
certain categories of judgments against Cuba
or Iran in suits brought under 28 U.S.C.
1605(a)(7). The procedures pertaining to
establishing eligibility for such payments
are set forth in Federal Register notices
published on November 22, 2000 at 65 FR 70382
and December 15, 2000 at 65 FR 78533.
DATES: Written comments should be received
on or before [60 days after date of
publication] to be assured of
consideration.
ADDRESSES: Direct all written comments to
Dennis P. Wood, Chief, Compliance Programs
Division, or Barbara C. Hammerle, Acting
Chief Counsel, Office of Foreign Assets
Control, Department of the Treasury, 1500
Pennsylvania Avenue, N.W., Annex -- 2d Floor,
Washington, D.C. 20220.
FOR FURTHER INFORMATION CONTACT: Requests
for additional information about the filings
or procedures should be directed to Dennis P.
Wood, Chief, Compliance Programs Division,
Office of Foreign Assets Control, Department
of the Treasury, 1500 Pennsylvania Avenue,
N.W., 1500 Pennsylvania Avenue, Annex -- 2d
Floor, Washington, D.C. 20220.
SUPPLEMENTARY INFORMATION:
Title: Procedures for Payments to Persons
Who Hold Certain Categories of Judgments
Against Cuba or Iran
OMB Number: 1505-0177
Abstract: This information collection
pertains to the procedures pertaining to
payments to persons who hold certain
categories of judgments against Cuba or Iran
set forth in the Federal Register notices
published by OFAC on November 22, 2000 and
December 15, 2000. The collection of this
information is required to enable the
Department of Treasury to determine the
eligibility of an applicant under Section
2002 of Public Law No. 106-386 and to
complete processing of payments. The
collection of information is voluntary, but
submission of the information is required by
OFAC in processing applications for payments
authorized by Section 2002. The estimated
average burden per applicant is 12 hours.
Current Actions: There are no changes
being made to the notice at this time.
Type of Review: Extension of a currently
approved collection.
Affected Public: Persons who hold certain
judgments against Cuba or Iran.
Estimated Number of Respondents: 20
Estimated Time Per Respondent: 12
hours
Estimated Total Annual Burden Hours:
240
The following paragraph applies to all of
the collections of information covered by
this notice.
An agency may not conduct or sponsor, and
a person is not required to respond to, a
collection of information unless the
collection of information displays a valid
Office of Management and Budget ("OMB")
control number. Books or records relating to
a collection of information must be retained
for five years.
Request for Comments
Comments submitted in response to this
notice will be summarized and/or included in
the request for OMB approval. All comments
will become a matter of public record.
Comments are invited on: (a) Whether the
collection of information is necessary for
the proper performance of the functions of
the agency, including whether the information
has practical utility; (b) the accuracy of
the agency's estimate of the burden of the
collection of information; (c) ways to
enhance the quality, utility, and clarity of
the information to be collected; (d) ways to
minimize the burden of the collection of
information on respondents, including through
the use of automated collection techniques or
other forms of information technology; and
(e) estimates of capital or start-up costs
and costs of operation, maintenance, and
purchase of services to provide
information.
Approved: May 23, 2001.
Barbara C. Hammerle
Acting Chief Counsel
Office of Foreign Assets Control.
BILLING CODE 4810-25-P
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