Federal Register / Vol. 77, No. 40 / Wednesday, February 29, 2012 / Notices 12367 

1Language expanding the scope of the BSA 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 Act of 2001 (the 

USA PATRIOT Act), Public Law 107–56. 

2FinCEN completed its triennial review of its 

System of Records Notices. Updated Notices will be 

published in the Federal Register pending the 

completion of the required comment period. 

3All CMIRs are filed with the Department of 

Homeland Security’s Customs and Border 

Protection (CBP) at the port of entry/exit or mailed 

to the Commissioner of Customs in Washington, 

DC. There are no electronic filing capabilities at the 

ports. A CBP contractor keys the data on the 

completed form into a data tape that is 

electronically uploaded to the BSA database. 

FinCEN receives no paper filed CMIRs. 

4See 26 U.S.C. 6011(e)(2); see also 26 CFR 

1.6050I–1(e)(3)(i) and 31 CFR 1010.330(e)(1). 

Washington, DC 20423–0001. In 

addition, one copy of each pleading 

must be served on John K. Fiorilla, 8000 

Midlantic Drive, Suite 300S, Mount 

Laurel, NJ 08054. 

Board decisions and notices are 

available on our Web site at 

www.stb.dot.gov. 

Decided: February 24, 2012. 

By the Board. 

Rachel D. Campbell, 

Director, Office of Proceedings. 

Jeffrey Herzig, 

Clearance Clerk. 

[FR Doc. 2012–4843 Filed 2–28–12; 8:45 am] 

BILLING CODE 4915–01–P 

DEPARTMENT OF THE TREASURY 

Financial Crimes Enforcement Network 

Agency Information Collection and 

Reporting Activities; Electronic Filing 

of Bank Secrecy Act (BSA) Reports; 

Final Notice 

AGENCY: Financial Crimes Enforcement 

Network (FinCEN), Treasury. 

ACTION: Final notice. 

SUMMARY: FinCEN is adopting a 

requirement that all financial 

institutions subject to Bank Secrecy Act 

(BSA) reporting use electronic filing for 

certain reports beginning no later than 

July 1, 2012. FinCEN will consider 

limited hardship exemptions in certain 

circumstances. 

DATES: Effective date is July 1, 2012. 

Inspection of comments received. If a 

financial institution wishes to review 

comments received in response to the 

September 16, 2011, Federal Register 

notice they may be inspected, between 

10 a.m. and 4 p.m., in the FinCEN 

reading room in Vienna, VA. Persons 

wishing to inspect the comments 

submitted must request an appointment 

with the Disclosure Officer by 

telephoning (703) 905–5034 (not a toll 

free call). Comments received in 

response to the above notice are not 

open for further comment. Electronic 

copies of the received comments may be 

reviewed at: http://www.fincen.gov/

statutes_regs/bsa/bsa_data_field_

comment_20111118.html. 

FOR FURTHER INFORMATION CONTACT: The 

FinCEN Regulatory Helpline at 800– 

949–2732, select option 7. 

SUPPLEMENTARY INFORMATION:

Title: Bank Secrecy Act Reporting, (31 

CFR chapter X). 

Abstract: The statute generally 

referred to as the ‘‘Bank Secrecy Act,’’ 

Titles I and II of Public Law 91–508, as 

amended, codified at 12 U.S.C. 1829b, 

12 U.S.C. 1951–1959, and 31 U.S.C. 

5311–5332, authorizes the Secretary of 

the Treasury (Secretary), inter alia, to 

require financial institutions to file 

reports that are determined to have a 

high degree of usefulness in criminal, 

tax, and regulatory matters, or in the 

conduct of intelligence or counterintelligence activities to protect against 

international terrorism, and to 

implement counter-money laundering 

programs.1 Regulations implementing 

Title II of the BSA appear at 31 CFR 

chapter X. The authority of the 

Secretary to administer the BSA has 

been delegated to the Director of 

FinCEN. 

The Secretary was granted authority 

with the enactment of Title 31 U.S.C., to 

require financial institutions and other 

persons to file various BSA reports. The 

information collected on the reports is 

required to be provided pursuant to 

Title 31 U.S.C., as implemented by 

FinCEN regulations found throughout 

31 CFR chapter X. The information 

collected pursuant to this authority is 

made available to appropriate agencies 

and organizations as disclosed in 

FinCEN’s Privacy Act System of Records 

Notice.2

Current Action: In support of 

Treasury’s paperless initiative and 

efforts to make government operations 

more efficient, FinCEN has chosen to 

mandate electronic filing of certain BSA 

reports effective July 1, 2012. 

This requirement will significantly 

enhance the quality of FinCEN’s 

electronic data, improve its analytic 

capabilities in supporting law 

enforcement requirements, and result in 

a significant reduction in real costs to 

the U.S. government and ultimately to 

U.S. taxpayers. Specifically, this action 

makes mandatory the electronic 

submission of all BSA reports excluding 

the Report of International 

Transportation of Currency or Monetary 

Instrument Report (CMIR).3 Further, the 

Report of Cash Payments Over $10,000 

Received in a Trade or Business (Form 

8300) may be filed electronically, but 

because of statutory restrictions that 

may pertain to this report, which is 

required under both FinCEN and IRS 

regulations,4 electronic filing of Form 

8300 will not be mandatory. 

Background: Since October 2002, 

FinCEN has provided financial 

institutions with the capability of 

electronically filing BSA reports 

through its system called BSA E-Filing. 

Effective August 2011, the system was 

expanded to support individuals filing 

the Report of Foreign Bank and 

Financial Accounts (FBAR) report. BSA 

E-Filing is a secure, web-based 

electronic filing system. It is a flexible 

solution for financial institutions or 

individuals, whether they file one BSA 

report or thousands. BSA E-Filing is a 

service that filers can access by using 

their existing Internet connections 

regardless of connection speed. In 

addition, it is designed to minimize 

filing errors and provide enhanced 

feedback to filing institutions or 

individuals, thereby providing a 

significant improvement in data quality. 

BSA E-Filing, which is provided free 

of charge, offers streamlined BSA 

information submission; faster routing 

of information to law enforcement; 

greater data security and privacy 

compared with paper forms; long-term 

cost savings to institutions, individuals, 

and the government; and ensures 

compatibility with future versions of 

BSA reports. 

In addition, BSA E-Filing offers the 

following features not available to paper 

filers: 

• Electronic notification of 

submissions, receipt of submission, and 

errors, warnings, and alerts; 

• Batch validation; 

• Acknowledgement that a batch-filed 

currency transaction report (CTR) and/ 

or suspicious activity report (SAR) was 

received; 

• Feedback reports to filers; 

• Faster acknowledgement to money 

services businesses of receipt of their 

registration; 

• Ability to send and receive secure 

messages; 

• Use of Adobe forms that allows 

users to create templates, reducing data 

entry but still providing for printing 

paper copies if the filer wants a paper 

copy for its internal review and 

approval processes; 

• Ability for supervisory users to 

assign system roles to their staff; and 

• Access to training materials. 

In 2010, FinCEN initiated a complete 

redesign and rebuilding of a new 


tkelley on DSK3SPTVN1PROD with NOTICES
12368 Federal Register / Vol. 77, No. 40 / Wednesday, February 29, 2012 / Notices 

5As of December 2011, there are over 14,500 

registered E-Filing System users. 

6Copies of the XML and ACSII file formats may 

be obtained by contacting the BSA E-Filing Help 

Desk at 1–866–346–9478 (option 1) or via email at 

BSAEFilingHelp@fincen.gov. 

7More information on filing methods via 

FinCEN’s free Web-based service may be accessed 

at http://bsaefiling.fincen.treas.gov/main.html. 

8See 76 FR 57799. 

9A series of predetermined questions was 

designed to establish the type of institution and 

filing in much the same manner as used in widely 

accepted income tax filing software. 

10A delayed or damaged report becomes more 

critical if it was reporting suspicious activity— 

especially when relating to terrorist financing. 

11See 76 FR 57799, September 16, 2011. 

12See http://www.fincen.gov/whatsnew/html/ 

20120221.html. 

13The FinCEN CTR filing specifications may be 

viewed at http://bsaefiling.fincen.treas.gov/news/ 

FinCENCTRElectronicFilingRequirements.pdf. See 

Appendix D page 49. 

14See 31 CFR 1010.306(a)(1). 

15http://bsaefiling.fincen.treas.gov/FAQs.html. 

system-of-record database that 

significantly enhanced FinCEN’s 

technical capabilities to receive, 

process, share, and store BSA data. A 

significant part of this upgrade was the 

implementation of state-of-the-art 

electronic reporting or information 

collection tools. As of December 31, 

2011, over 86% of BSA reports are filed 

electronically with FinCEN.5

As a result of the 2010 initiative, 

FinCEN is in the process of fielding a 

new BSA Collection, Processing, and 

Analytic system. The new system, 

which includes significant e-filing 

improvements, is designed to support 

the most efficient state-of-the-art 

electronic filing. The database will 

accept Extensible Markup Language 

(XML) based dynamic reports as well as 

certain other file formats. The XML 

Schema, and the American Standard 

Code for Information Interchange 

(ASCII) file formats are available,6 and 

the electronic file specifications were 

provided to filers September 8, 2011. 

All filings (batch, computer-tocomputer, and discrete) will be initiated 

through the BSA E-Filing System 7 using 

updated registration and log-in 

procedures that correct several 

identified limitations noted in the 

comments received on the September 

16, 2011 Notice.8 Although batch and 

computer-to-computer filing processes 

will remain unchanged, the file format 

was changed to match the database. 

Batch and computer-to-computer filers 

will file reports based on the electronic 

file specification that was provided in 

September 2011. A discrete filing (the 

replacement for submitting a single 

paper report) is based on Adobe 

LiveCycle Designer ES dynamic forms. 

The discrete function is available for all 

filers but is designed especially for 

small business report filers (as well as 

individuals). The discrete filing 

function will be accessed by logging 

into the BSA E-Filing System and 

entering a pre-approved user ID and 

password. During log-in to the discrete 

filing option, filers will be prompted 

through a series of questions.9

Today’s notice requiring filers to 

submit certain BSA reports 

electronically using the free FinCEN 

BSA E-Filing System will provide a 

range of benefits. Electronic filing will 

facilitate the rapid dissemination of 

financial and suspicious activity 

information in connection with BSA 

filings, making information contained in 

these filings more readily available to— 

and more easily searchable by—law 

enforcement, the financial regulatory 

community, and other users of BSA 

data. Additionally, the requirement that 

certain BSA reports be filed 

electronically will result in a significant 

reduction in the use of paper, producing 

a positive environmental impact. 

Further, the implementation of the 

requirement to file electronically has the 

potential to save the government a few 

million dollars per year through the 

reduction of expenditures associated 

with current paper processing, in 

particular the physical intake and 

sorting of incoming reports, and the 

electronic keying of reported 

information into the database. 

Security: Mandatory electronic filing 

will provide increased security not 

available with paper filings. At the 

present time, all paper reports are 

mailed to the IRS Enterprise Computing 

Center—Detroit (ECC–D) in Detroit, 

Michigan, as unclassified mail with no 

special handling via the U.S. Postal 

Service system. On occasion, mailed 

paper reports have been delayed, and in 

some cases damaged beyond readability. 

A financial institution may not discover 

that a report could not be processed by 

ECC–D until many months after the 

report was due.10 The BSA E-Filing 

System is a secure 128-bit single socket 

layer (SSL) protected Web-based filing 

system. Reports received are 

acknowledged and any noted errors are 

reported back to the filer. This process 

provides the filer with a record that the 

required filing was received, as well as 

suggestions on how to improve the 

quality of their future reports. Reports 

originated by the filer are posted 

securely and directly to the database, 

thereby significantly reducing or 

eliminating the possibility of data 

compromise. 

Filer Impact Assessment: On 

September 16, 2011,11 FinCEN 

published a notice proposing that BSA 

reports be filed electronically through 

the BSA E-File System by June 30, 2012, 

effective July 1, 2012. In response to the 

request for comments, FinCEN received 

27 responses. In general, the comments 

supported the requirement but noted 

areas requiring further clarification from 

FinCEN. A significant number of 

financial institutions anticipated 

encountering problems in meeting the 

June date for both e-filing and 

incorporating the new FinCEN CTR and 

SAR formats. In response, FinCEN 

published a notice extending the 

deadline to implement the new reports 

until March 31, 2013, (see http:// 

www.fincen.gov/whatsnew/pdf/ 

20111220.pdf) but retained the July 1, 

2012, target date for electronic filing. As 

noted in several comments, FinCEN 

recognizes that mandating electronic 

filing may pose a challenge for some 

financial institutions. As reflected in the 

notice referenced above, for those 

financial institutions unable to meet the 

proposed electronic filing target date, 

FinCEN will consider, based upon 

certain very limited hardship 

exceptions, specific requests to extend 

the time to electronically file the most 

current paper forms for up to a year past 

the mandatory electronic filing date. 

Information on how financial 

institutions can make such requests is 

provided in a separate notice.12 In 

addition, FinCEN will work with 

appropriate industry regulators to 

minimize the impact of this change, 

while moving forward with the 

electronic filing requirement. 

Several commenters noted a time-tofile change in the CTR electronic filing 

specification for the FinCEN CTR from 

the current 25 days to 15 days.13

FinCEN has consistently maintained a 

regulatory requirement that CTRs be 

filed within 15 days.14 Notwithstanding 

this requirement, in connection with its 

receipt of magnetic media files initiated 

in late 1987, and ending in December 

2008, FinCEN issued specifications 

referencing a 25-day period to assist 

institutions seeking to take advantage of 

this filing method via a common 

business practice of submitting 

magnetic media files on a fixed 

schedule. The 25-day period was 

implemented to account for physically 

transporting (shipping) the magnetic 

media to the ECC–D in Detroit, 

Michigan. FinCEN understands that this 

business practice has continued with 

respect to batch e-filing, particularly in 

light of public FinCEN guidance 

referencing the 25-day period.15 In light 

of the comments received and 

acknowledging that some financial 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 40 / Wednesday, February 29, 2012 / Notices 12369 

16See 75 FR 63545, October 15, 2010 and 76 FR 

4747, January 26, 2011. Office of Management and 

Budget (OMB) approvals of the two notices, 

following FinCEN’s solicitation and review of 

public comments, are as follows: FinCEN’s new 

SAR, http://www.reginfo.gov/public/do/ 

PRAViewICR?ref_nbr=201104-1506-002, and 

FinCEN’s new CTR, http://www.reginfo.gov/public/ 

do/PRAViewICR?ref_nbr=201105-1506-001. FinCEN 

announced the availability of technical e-filing 

specifications for the new SAR and CTR on 

September 8, 2011, as follows: http:// 

www.fincen.gov/news_room/nr/html/ 

20110902.html. 

17Several commenters advised that 

approximately 200 very small financial institutions 

mail their report to their regulator who in turn posts 

it to the regulator’s database. 

18See supra note 12. 

19Currently both the SEC and the CFTC require 

electronic reporting, the SEC through the EDGAR 

system and the CFTC through the NFC Windjammer 

and Easy File systems. 

20See http://www.sec.gov/info/edgar/ 

regoverview.htm. 

21For financial institutions subject to CFTC 

oversight, see NFA Electronic Filings at http:// 

www.nfa.futures.org/NFA-electronic-filings/ 

index.HTML. 

22See the National Insurance Producer Registry 

(NIPR) at http://www.nipr.com/. NIPR is a unique 

public-private partnership that supports the work of 

the states and the National Association of Insurance 

Commissioners (NAIC) in making the producerlicensing process more cost-effective, streamlined 

and uniform for the benefit of regulators, the 

insurance industry and the consumers they protect 

and serve. 

23Casinos and Card Clubs with gross annual 

gaming revenues in excess of $1 million (see 31 

CFR 1010.100(t)(5)(ii) and (6)(ii)). 

24See supra note 12. 

25See the Small Business Administration’s (SBA) 

Web site http://www.sba.gov/content/what-sbasdefinition-small-business-concern for SBA’s 

definition of a small business concern. 

institutions may need to change their 

business processes to become compliant 

with the rules, FinCEN has determined 

that it will temporarily maintain the 25- 

day compliance period referenced in its 

earlier specifications until March 31, 

2013. This temporary extension to the 

filing requirements should allow 

sufficient time for filers to adjust 

submission schedules to meet 

established regulatory requirements. 

A few commenters noted specific EFile System/Site technical concerns, 

such as difficulty with password 

management or field lengths. Several of 

the issues noted in these comments will 

be addressed by planned system 

enhancements, and others are being 

evaluated. Several commenters pointed 

out that their institutions filed very few 

BSA reports a year and noted that filing 

paper reports was their preferred 

method. In response, FinCEN would 

note that the discrete option of the BSA 

E-Filing System was specifically 

designed to accommodate the small 

volume filers. One commenter requested 

that FinCEN permit firms to file BSA 

reports in a hardcopy format as a 

contingency alternative if material 

issues arise with their respective e-filing 

systems or FinCEN’s database, which 

would prevent firms from, among other 

things, batch filing their reports. As a 

response, FinCEN would note that it has 

Continuity of Operations Plans (COOP) 

and E-filing System back-up 

contingency plans in place to address 

such issues should they occur. 

Additionally, the BSA E-Filing helpdesk 

is available to assist BSA filers as 

necessary if technical problems are 

encountered. Finally, one commenter 

elected to direct comments to two 

earlier notices,16 which did not address 

mandatory electronic filing. 

Industry Impact Assessment: 

a. Depository institutions: Based on 

responses and updated information, 

FinCEN believes this change in filing 

procedures will have some impact on 

small institutions, but that the overall 

impact on this group of filers will be 

minimal. Most depository institutions 

are currently required to file quarterly 

call or thrift financial reports with their 

regulator electronically 17 through a 

Web-based portal provided by the 

appropriate federal regulator. This same 

electronic connectivity may be used to 

file BSA reports with FinCEN by logging 

in to the BSA E-Filing System Webbased portal. As noted above for those 

financial institutions unable to meet the 

proposed electronic filing deadline, 

FinCEN will consider, based upon 

certain very limited hardship 

exceptions, specific requests to file the 

most current paper forms for up to one 

year but no later than July 1, 2013.18

b. Broker-Dealers, Futures 

Commission Merchants (FCMs), 

Introducing Brokers in Commodities 

(IB–Cs), and Mutual Funds: In view of 

the comments received and the notice 

extending the deadline to implement 

the new reports until March 31, 2013, 

this change in filing procedures should 

have minimal impact on these filing 

institutions. This group is highly 

automated and enjoys robust electronic 

buying and selling systems with 

sophisticated processing and reporting 

systems.19 Currently the Securities and 

Exchange Commission (SEC) mandates 

electronic filing,20 as does the 

Commodity Futures Trading 

Commission (CFTC).21

c. Insurance companies: FinCEN 

received no comments from this 

financial sector. In view of this, and an 

understanding that institutions in this 

financial sector are highly automated,22

FinCEN believes that this change in 

filing procedures will have minimal 

impact on these institutions. 

d. Casinos and Card Clubs: 23 FinCEN 

received no comments from this 

financial sector. In view of this, and an 

understanding that institutions in this 

financial sector are highly automated, 

FinCEN continues to believe this change 

in filing procedures will have minimal 

impact on these institutions. 

e. Money Services Businesses (MSBs): 

FinCEN received comments from two 

commenters. Both were supportive of 

moving to electronic filing but noted 

timing and technical issues that 

mirrored other commenters. The relief 

provided by delaying the 

implementation date of the FinCEN CTR 

and SAR to March 2013 addresses their 

primary concern. Information in trade 

journals and other publications, along 

with informal comments from the 

Internal Revenue Service’s Small 

Business/Self Employed group, indicate 

that most filers have Internet 

connectivity. They routinely place 

orders for goods and services through 

the Internet and access bill paying 

services electronically. Information 

gained from a review of MSB filings of 

the CTR, SAR, and Registration of 

Money Services Business (RMSB) forms 

indicates that this group will be most 

impacted in the form of training needed 

to use the electronic E-Filing System. 

One large MSB acknowledges the 

significant benefits of mandatory EFiling. However, they note that the 

elimination of paper filing will 

significantly impact 25% to 30% of 

their small delegate population, and 

they strongly suggest that some form of 

paper filing remain acceptable for at 

least six months beyond the effective 

date of July 1, 2012, or for a minimum 

of one year from publication of the final 

rule. To lessen any impact, FinCEN will 

provide for hardship exceptions in case 

unforeseen situations arise and will be 

providing information on how to make 

requests for limited hardship exceptions 

in a separate notice.24 Additionally, any 

impact is expected to be 

counterbalanced by the benefits of efiling to the government and ultimately 

to taxpayers. 

f. Service Providers: There is a 

network of third-party service providers 

with which financial institutions may 

contract to provide electronic filing 

services to the BSA E-Filing System. 

FinCEN believes this group to be highly 

automated and many are already using 

the BSA E-Filing System. FinCEN does 

not anticipate that this requirement will 

have an impact on this group. 

g. Small businesses: 25 In support of 

small businesses, FinCEN’s Office of 

Compliance will provide procedures for 


tkelley on DSK3SPTVN1PROD with NOTICES
12370 Federal Register / Vol. 77, No. 40 / Wednesday, February 29, 2012 / Notices 

26Supra footnote 12. 

27See Background section. 

28See 75 FR 75598, December 3, 2010, footnote 

20. Such ‘‘dual filing’’ requirements, regardless of 

whether the State authority examines for 

compliance with State laws requiring compliance 

with the BSA, are inherently inconsistent with 31 

U.S.C. 5318(g)(4), which clearly intends that all 

SARs be filed to a single government agency 

designated by the Secretary of the Treasury. 

29FinCEN–SAR, FinCEN–CTR, Designation Of 

Exempt Person, CMIR, RMSB, Foreign Bank 

Account Report, and the Report of Cash Payments 

Over $10,000 Received in a Trade or Business 

(Form 8300). 

30See OMB control numbers 1506–0065, 1506– 

0064, 1506–0009, 1506–0013, 1506–0014, 1506– 

0018. 

31See OMB control numbers 1506–0051 through 

1506–0059. 

32All filers subject to BSA reporting requirements 

excluding CMIR, see supra note 3. 

33 Includes all reporting and recordkeeping 

burden associated with filing BSA reports. 

filers to request a temporary limited 

hardship exemption from mandatory EFiling. A small business may request, 

and may be granted an emergency 

extension by FinCEN based upon 

certain very limited hardship 

exemptions.26

h. Individual filers: Effective August 

2011, FinCEN expanded the option to 

electronically file the Report of Foreign 

Bank and Financial Accounts (FBAR) to 

individuals. Individuals worldwide can 

sign up to file their individual FBARs 

by accessing the FinCEN E-Filing Web 

site.27

i. Other Filing Issues: One commenter 

noted a potential issue with duplicate 

filings that are currently required by 

several States. FinCEN will continue to 

address the duplicate filing issue with 

the States involved. FinCEN noted this 

issue in its SAR Confidentiality notice 

filing.28

j. Report of Cash Payments Over 

$10,000 Received in a Trade or Business 

(Form 8300). Although FinCEN is 

making electronic filing of the Report of 

Cash Payments Over $10,000 Received 

in a Trade or Business, Form 8300, 

available to the filing public and will 

encourage the use of electronic filing as 

a fast and secure means for filers to meet 

their obligations, FinCEN is not 

mandating the E-Filing of this report at 

this time to remain consistent with 

statutory restrictions under 26 U.S.C. 

6011(e)(2) that may pertain to this 

report, which is required under both 

FinCEN and IRS regulations. 

Paperwork Reduction Act (PRA) 

Type of Review: Review of the final 

notice to mandate the electronic filing of 

BSA reports. The burden associated 

with this notice is reflected below. 

Affected Public: Businesses or other 

for-profit and non-profit institutions. 

Frequency: As required. 

Estimated Burden: Effective with the 

FinCEN IT Modernization, there will be 

seven BSA reports.29 The burden for 

electronic filing and recordkeeping of 

each BSA report is reflected in the OMB 

approved burden 30 for each of these 

reports. The non-reporting 

recordkeeping burden is reflected 

separately.31

Estimated Number of Respondents for 

all reports = 74,900.32

Estimated Total Annual Responses for 

all reports = 16,172,770. 

Estimated Total Annual Burden Hours 

= 20,874,761.33

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. 

Records required to be retained 

pursuant to the BSA must be retained 

for five years. 

Dated: February 22, 2012. 

James H. Freis, Jr., 

Director, Financial Crimes Enforcement 

Network. 

[FR Doc. 2012–4756 Filed 2–28–12; 8:45 am] 

BILLING CODE 4810–02–P 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

Designation of 3 Individuals Pursuant 

to Executive Order 13224 of September 

23, 2001, ‘‘Blocking Property and 

Prohibiting Transactions With Persons 

Who Commit, Threaten To Commit, or 

Support Terrorism’’ 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Notice. 

SUMMARY: The Treasury Department’s 

Office of Foreign Assets Control 

(‘‘OFAC’’) is publishing the names of 3 

individuals whose property and 

interests in property are blocked 

pursuant to Executive Order 13224 of 

September 23, 2001, ‘‘Blocking Property 

and Prohibiting Transactions With 

Persons Who Commit, Threaten To 

Commit, or Support Terrorism.’’ 

DATES: The designations by the Director 

of OFAC of the 3 individual(s) and 0 

entity(-ies) in this notice, pursuant to 

Executive Order 13224, are effective on 

February 23, 2012. 

FOR FURTHER INFORMATION CONTACT: 

Assistant Director, Compliance 

Outreach & Implementation, Office of 

Foreign Assets Control, Department of 

the Treasury, Washington, DC 20220, 

tel.: 202/622–2490. 

SUPPLEMENTARY INFORMATION: 

Electronic and Facsimile Availability 

This document and additional 

information concerning OFAC are 

available from OFAC’s Web site 

(www.treas.gov/ofac) or via facsimile 

through a 24-hour fax-on-demand 

service, tel.: 202/622–0077. 

Background 

On September 23, 2001, the President 

issued Executive Order 13224 (the 

‘‘Order’’) pursuant to the International 

Emergency Economic Powers Act, 50 

U.S.C. 1701–1706, and the United 

Nations Participation Act of 1945, 22 

U.S.C. 287c. In the Order, the President 

declared a national emergency to 

address grave acts of terrorism and 

threats of terrorism committed by 

foreign terrorists, including the 

September 11, 2001 terrorist attacks in 

New York, Pennsylvania, and at the 

Pentagon. The Order imposes economic 

sanctions on persons who have 

committed, pose a significant risk of 

committing, or support acts of terrorism. 

The President identified in the Annex to 

the Order, as amended by Executive 

Order 13268 of July 2, 2002, 13 

individuals and 16 entities as subject to 

the economic sanctions. The Order was 

further amended by Executive Order 

13284 of January 23, 2003, to reflect the 

creation of the Department of Homeland 

Security. 

Section 1 of the Order blocks, with 

certain exceptions, all property and 

interests in property that are in or 

hereafter come within the United States 

or the possession or control of United 

States persons, of: (1) Foreign persons 

listed in the Annex to the Order; (2) 

foreign persons determined by the 

Secretary of State, in consultation with 

the Secretary of the Treasury, the 

Secretary of the Department of 

Homeland Security and the Attorney 

General, to have committed, or to pose 

a significant risk of committing, acts of 

terrorism that threaten the security of 

U.S. nationals or the national security, 

foreign policy, or economy of the United 

States; (3) persons determined by the 

Director of OFAC, in consultation with 

the Departments of State, Homeland 

Security and Justice, to be owned or 

controlled by, or to act for or on behalf 

of those persons listed in the Annex to 

the Order or those persons determined 

to be subject to subsection 1(b), 1(c), or 

1(d)(i) of the Order; and (4) except as 

provided in section 5 of the Order and 

after such consultation, if any, with 

foreign authorities as the Secretary of 

State, in consultation with the Secretary 


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