[Federal Register Volume 72, Number 58 (Tuesday, March 27, 2007)]
[Notices]
[Pages 14324-14325]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-5535]


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DEPARTMENT OF THE TREASURY


Financial Crimes Enforcement Network; Proposed Renewal Without 
Change; Comment Request; Imposition of Special Measure Against 
Commercial Bank of Syria, Including Its Subsidiary Syrian Lebanese 
Commercial Bank, as a Financial Institution of Primary Money Laundering 
Concern

AGENCY: Financial Crimes Enforcement Network, Department of the 
Treasury.

ACTION: Notice and request for comments.

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SUMMARY: As part of our continuing effort to reduce paperwork and 
respondent burden, we invite comment on a proposed renewal, without 
change, to information collection requirements found in existing 
regulations imposing a special measure against the Commercial Bank of 
Syria, including its subsidiary Syrian Lebanese Commercial Bank, as a 
financial institution of primary money laundering concern. This request 
for comments is being made pursuant to the Paperwork Reduction Act of 
1995, Pub. L. 104-13, 44 U.S.C. 3506(c)(2)(A).

DATES: Written comments are welcome and must be received on or before 
May 29, 2007.

ADDRESSES: Written comments should be submitted to: Financial Crimes 
Enforcement Network, P.O. Box 39, Vienna, VA 22183, Attention: Comment 
Request; Imposition of Special Measure against Commercial Bank of 
Syria. Comments also may be submitted by electronic mail to the 
following Internet address: <a href="/cdn-cgi/l/email-protection#daa8bfbdb9b5b7b7bfb4aea99abcb3b4b9bfb4f4bdb5ac"><span class="__cf_email__" data-cfemail="d2a0b7b5b1bdbfbfb7bca6a192b4bbbcb1b7bcfcb5bda4">[email protected]</span></a>, again with a 
caption, in the body of the text, ``Attention: Comment Request; 
Imposition of Special Measure against Commercial Bank of Syria.''
    Inspection of comments: Comments may be inspected, between 10 a.m. 
and 4 p.m., in our reading room in Washington, DC. Persons wishing to 
inspect the comments submitted must request an appointment by 
telephoning (202) 354-6400 (not a toll-free number).

FOR FURTHER INFORMATION CONTACT: Financial Crimes Enforcement Network, 
Regulatory Policy and Programs Division at (800) 949-2732.

SUPPLEMENTARY INFORMATION: Abstract: The Director of the Financial 
Crimes Enforcement Network is the delegated administrator of the Bank 
Secrecy Act. The Act authorizes the Director to issue regulations to 
require all financial institutions defined as such pursuant to the Act 
to maintain or file certain reports or records that have been 
determined to have a high degree of usefulness in criminal, tax, or 
regulatory investigations or proceedings, or in the conduct of 
intelligence or counter-intelligence activities, including analysis, to 
protect against international terrorism.\1\
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    \1\ Pub. L. 91-508, as amended and codified at 12 U.S.C. 1829b, 
12 U.S.C. 1951-1959 and 31 U.S.C. 5311-5332. Language expanding the 
scope of the Bank Secrecy Act to intelligence or counter-
intelligence activities to protect against international terrorism 
was added by section 358 of the Uniting and Strengthening America by 
Providing Appropriate Tools Required to Intercept and Obstruct 
Terrorism (USA PATRIOT) Act of 2001, Pub. L. 107-56.
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    Regulations implementing section 5318A of title 31, United States 
Code can be found in part at 31 CFR 103.188. In general, the 
regulations require financial institutions, as defined in 31 U.S.C. 
5312(a)(2) and 31 CFR 103.11 to establish, document, and maintain 
programs as an aid in protecting and securing the U.S. financial 
system.
    Title: Imposition of Special Measure Against Commercial Bank of 
Syria, Including Its Subsidiary Syrian Lebanese Commercial Bank, as a 
Financial Institution of Primary Money Laundering Concern.
    Office of Management and Budget Control Number: 1506-0036.
    Abstract: The Financial Crimes Enforcement Network is issuing this 
notice to renew the imposition of a special measure against the 
Commercial Bank of Syria, including its subsidiary Syrian Lebanese 
Commercial Bank, as a financial institution of primary money laundering 
concern, pursuant to the authority contained in 31 U.S.C. 5318A.
    Current Action: Renewal without change to existing regulations.
    Type of Review: Extension of a currently approved information 
collection.
    Affected Public: Business and other for-profit institutions.
    Burden: Estimated Number of Respondents: 5000.
    Estimated Number of Responses: 500.
    Estimated Number of Hours: 5000 (estimated at one hour per 
respondent).
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless it displays a valid 
control number assigned by the Office of Management and Budget. Records 
required to be retained under the Bank Secrecy Act must be retained for 
five years. Generally, information collected pursuant to the Bank 
Secrecy Act is confidential but may be shared as provided by law with 
regulatory and law enforcement authorities.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the

[[Page 14325]]

request for Office of Management and Budget 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 shall 
have 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.

    Dated: March 20, 2007.
William F. Baity,
Director (Acting), Financial Crimes Enforcement Network.
[FR Doc. E7-5535 Filed 3-26-07; 8:45 am]
BILLING CODE 4810-02-P


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