13464 Federal Register / Vol. 80, No. 49 / Friday, March 13, 2015 / Notices 

Issued in Washington, DC, on March 10, 

2015. 

Ron Hynes, 

Director of Technical Oversight. 

[FR Doc. 2015–05750 Filed 3–12–15; 8:45 am] 

BILLING CODE 4910–06–P 

DEPARTMENT OF THE TREASURY 

Submission for OMB Review; 

Comment Request 

March 10, 2015. 

The Department of the Treasury will 

submit the following information 

collection request to the Office of 

Management and Budget (OMB) for 

review and clearance in accordance 

with the Paperwork Reduction Act of 

1995, Public Law 104–13, on or after the 

date of publication of this notice. 

DATES: Comments should be received on 

or before April 13, 2015 to be assured 

of consideration. 

ADDRESSES: Send comments regarding 

the burden estimate, or any other aspect 

of the information collection, including 

suggestions for reducing the burden, to 

(1) Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, Attention: Desk Officer for 

Treasury, New Executive Office 

Building, Room 10235, Washington, DC 

20503, or email at OIRA_Submission@

OMB.EOP.gov and (2) Treasury PRA 

Clearance Officer, 1750 Pennsylvania 

Ave. NW., Suite 8140, Washington, DC 

20220, or email at PRA@treasury.gov. 

FOR FURTHER INFORMATION CONTACT: 

Copies of the submission(s) may be 

obtained by calling (202) 927–5331, 

email at PRA@treasury.gov, or the entire 

information collection request may be 

found at www.reginfo.gov. 

Internal Revenue Service (IRS) 

OMB Number: 1545–1002. 

Type of Review: Reinstatement with 

change of a previously approved 

collection. 

Title: Return by a Shareholder of a 

Passive Foreign Investment Company or 

Qualified Electing Fund. 

Form: 8621. 

Abstract: Form 8621 is filed by a U.S. 

shareholder who owns stock in a foreign 

investment company. The form is used 

to report income, make an election to 

extend the time for payment of tax, and 

to pay an additional tax and interest 

amount. The IRS uses Form 8621 to 

determine if these shareholders have 

correctly reported amounts of income, 

made the election correctly, and have 

correctly computed the additional tax 

and interest amount. 

Affected Public: Private Sector: 

Businesses or other for-profits. 

Estimated Annual Burden Hours: 

64,971. 

Dawn D. Wolfgang, 

Treasury PRA Clearance Officer. 

[FR Doc. 2015–05739 Filed 3–12–15; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Notice of Finding That Banca Privada 

d’Andorra Is a Financial Institution of 

Primary Money Laundering Concern 

AGENCY: Financial Crimes Enforcement 

Network (‘‘FinCEN’’), Treasury. 

ACTION: Notice of Finding. 

SUMMARY: This document provides 

notice that, pursuant to the authority 

contained in the USA PATRIOT Act, the 

Director of FinCEN found on March 6, 

2015 that reasonable grounds exist for 

concluding that Banca Privada 

d’Andorra (‘‘BPA’’) is a financial 

institution operating outside of the 

United States of primary money 

laundering concern. 

DATES: The finding referred to in this 

notice was effective as March 6, 2015. 

FOR FURTHER INFORMATION CONTACT: 

FinCEN, (800) 949–2732. 

SUPPLEMENTARY INFORMATION: 

I. Statutory Provisions 

On October 26, 2001, the President 

signed into law 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. Title III of the USA PATRIOT Act 

amends the anti-money laundering 

provisions of the Bank Secrecy Act 

(‘‘BSA’’), codified at 12 U.S.C. 1829b, 12 

U.S.C. 1951–1959, and 31 U.S.C. 5311– 

5314, 5316–5332, to promote the 

prevention, detection, and prosecution 

of international money laundering and 

the financing of terrorism. Regulations 

implementing the BSA appear at 31 CFR 

Chapter X. 

Section 311 of the USA PATRIOT Act 

(‘‘Section 311’’), codified at 31 U.S.C. 

5318A, grants the Secretary of the 

Treasury (‘‘the Secretary’’) the authority, 

upon finding that reasonable grounds 

exist for concluding that a foreign 

jurisdiction, financial institution, class 

of transaction, or type of account is of 

‘‘primary money laundering concern,’’ 

to require domestic financial 

institutions and financial agencies to 

take certain ‘‘special measures’’ to 

address the primary money laundering 

concern. The Secretary has delegated 

this authority under Section 311 to the 

Director of FinCEN. 

On March 6, 2015, the Director of 

FinCEN found that reasonable grounds 

exist for concluding that Banca Privada 

d’Andorra (‘‘BPA’’) is a financial 

institution operating outside of the 

United States of primary money 

laundering concern. The Director 

considered the factors listed below in 

making this determination. 

II. The History of BPA and Jurisdictions 

of Operation 

BPA is one of five Andorran banks 

and is a subsidiary of the BPA Group, 

a privately-held entity. Founded in 

1962, BPA is the fourth largest bank of 

the five banks in Andorra and has 1.79 

billion euro in assets. The bank has 

seven domestic branches in Andorra 

and five foreign branches that operate in 

Spain, Switzerland, Luxembourg, 

Panama, and Uruguay. BPA has fewer 

domestic and foreign branches than the 

other major banking groups in Andorra. 

BPA’s Panama branch (‘‘BPA Panama’’) 

is licensed as an offshore bank by the 

Superintendecia de Bancos de Panama, 

which is the bank regulator for the 

Panamanian government. BPA has 

correspondent banking relationships in 

the major North American, European, 

and Asian financial centers. At the time 

of this Finding, BPA has four U.S. 

correspondent accounts. 

III. The Extent to Which BPA Has Been 

Used To Facilitate or Promote Money 

Laundering 

FinCEN has found that reasonable 

grounds exist for concluding that 

several officials of BPA’s high-level 

management in Andorra have facilitated 

financial transactions on behalf of 

Third-Party Money Launderers 

(‘‘TPMLs’’) providing services for 

individuals and organizations involved 

in organized crime, corruption, 

smuggling, and fraud. Criminal 

organizations launder their proceeds 

through the international financial 

system. These organizations often 

encounter obstacles in achieving direct 

access to financial institutions 

internationally and in the United States 

because of their illicit activities. To 

obtain access to financial institutions, 

some criminal organizations use the 

services of TPMLs, including 

professional gatekeepers such as 

attorneys and accountants. TPMLs 

engage in the business of transferring 

funds on behalf of a third party, 

knowing that the funds are involved in 

illicit activity. These TPMLs provide 

access to financial institutions and lend 

an aura of legitimacy to criminal actors 

who use the TPMLs’ services. Some 

TPMLs explicitly market their services 

as a method for criminal organizations 

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