[Federal Register Volume 66, Number 104 (Wednesday, May 30, 2001)]
[Notices]
[Page 29379]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-13518]


-----------------------------------------------------------------------

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 July 30, 2001 
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, NW., Annex--2d Floor, Washington, DC 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 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 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.
[FR Doc. 01-13518 Filed 5-29-01; 8:45 am]
BILLING CODE 4810-25-P