Notice2021-13669
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Office of Foreign Assets Control's Reporting, Procedures, and Penalties Regulations
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 28, 2021
Issuing agencies
Treasury Department
Abstract
The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on this request.
Full Text
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<title>Federal Register, Volume 86 Issue 121 (Monday, June 28, 2021)</title>
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[Federal Register Volume 86, Number 121 (Monday, June 28, 2021)]
[Notices]
[Pages 34120-34121]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-13669]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Office of Foreign Assets Control's Reporting,
Procedures, and Penalties Regulations
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice.
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SUMMARY: The Department of the Treasury will submit the following
information collection requests to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, on or after the date of publication of this
notice. The public is invited to submit comments on this request.
DATES: Comments must be received on or before July 28, 2021.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained from Molly Stasko by emailing <a href="/cdn-cgi/l/email-protection#2777756667535542465452555e09404851"><span class="__cf_email__" data-cfemail="2474766564505641455751565d0a434b52">[email protected]</span></a>, calling (202)
622-8922, or viewing the entire information collection request at
<a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
Title: Reporting, Procedures and Penalties Regulations.
OMB Control Number: 1505-0164.
Type of Review: Extension without change of a currently approved
collection.
Description: The collections of information are contained in
sections 501.601 through 501.605, 501.801, and 501.805 through 501.807
of the Office of Foreign Assets Control's (OFAC) Reporting, Procedures
and Penalties Regulations, 31 CFR part 501 (the ``Regulations''), and
certain other parts, and pertain to the operation of various economic
sanctions programs administered by OFAC under 31 CFR chapter V. Section
501.601 addresses the maintenance of records and Sec. 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 property and retained
funds, as well as property that is released from blocked status
(unblocked property). 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. persons
where a transaction is not required to be blocked but where processing
or otherwise engaging in the transaction would nonetheless violate, or
facilitate a transaction that is prohibited under, other provisions in
31 CFR chapter V. 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 501.805 relate,
respectively, to license requests and records requests. Section 501.806
sets forth the procedures to be followed by a person seeking to have
funds unblocked 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 a person seeking administrative
reconsideration of a designation or that of a vessel as blocked, or who
wishes to assert that the circumstances resulting in the designation or
blocking no longer apply.
Forms: OFAC requires the submission of the Annual Report of Blocked
Property (ARBP) through approved form: TD-F 90-22.50. OFAC also
maintains voluntary forms for submission of certain other information
required as a part of the information collections covered by this
notice including the following approved forms: Report on Blocked
Property--Financial, TD-F 93.02; Report on Blocked Property--Tangible/
Real/Other Non-Financial Property, TD-F 93.08; Report on Rejected
Transaction, TD-F 93.07; TSRA License Application, TD-F 93.04; and
Licensing Cover Sheet, TD-F 98-22.61. Any other information collections
covered by this notice do not have mandatory or voluntary forms.
The reports covered by this information collection will be reviewed
by the U.S. Department of the Treasury and may be used for compliance,
civil penalty, and enforcement purposes by the agency.
Affected Public: Financial institutions, business organizations,
individuals, and legal representatives.
Estimated Number of Respondents: OFAC's estimate for the number of
unique reporting respondents is
[[Page 34121]]
approximately 5,600. The significant decrease in the number of unique
respondents since OFAC's last information collection submission
regarding the Regulations in 2019 is due to OFAC's increased use of
technology, which has enabled it to consolidate multiple filers within
a single institution under one unique identification number assigned to
the institution for all reports submitted to OFAC. Previously, OFAC did
not have the ability to easily ascertain the number of unique
respondents due to different identification numbers being selected for
reports filed by different individuals within the same institution, or
different branches or offices of the same institution. This inability
to uniquely identify all reports associated with one institution led to
counting numerous filers that were all associated with the same
institution instead of counting the institutions themselves as unique
respondents, resulting in an inflated number of respondents in past
information collection submissions. OFAC is now adjusting its number of
unique reporting respondents based on its more accurate data set.
Frequency of Response: The estimated annual frequency of responses
is between 1 and 4,641, varying greatly by entity depending on the
size, nature, and scope of business activities of each respondent, with
the majority of filers providing a small number of responses and a
small number of filers submitting a higher number of responses.
Estimated Total Number of Annual Responses: 30,051.
Estimated Time per Response: OFAC assesses that there is an average
time estimate for reports associated with forms ranging from 15 minutes
to 2 hours and for reports associated with general licenses and other
miscellaneous reports ranging from 30 minutes to 5 hours.
Estimated Total Annual Burden Hours: 13,160 hours.
Authority: 44 U.S.C. 3501 et seq.
Dated: June 22, 2021.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2021-13669 Filed 6-25-21; 8:45 am]
BILLING CODE 4810-AK-P
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