96-29513. Information Collection; Comment Request

[Federal Register Volume 61, Number 224 (Tuesday, November 19, 1996)]
[Notices]
[Pages 58922-58923]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-29513]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control


Information Collection; Comment Request

action: Federal Register Pre-Clearance Notice.

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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 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 Treasury Department's Office of Foreign Assets Control 
is soliciting comments concerning the information collection provisions 
of the Iraqi Sanctions Regulations, 31 CFR Sec. Sec. 575.202(d), 
575.503, 575.506, 575.509 through 575.511, 575.517, 575.518, 575.520, 
575.521, 575.601, 575.602, 575.606, 575.703, and 575.801.

dates: Written comments should be received on or before January 21, 
1997 to be assured of consideration.

addresses: Direct all written comments to Dorene F. Erhard, Sr. 
Sanctions Advisor, Office of Foreign Assets Control, U.S. Department of 
the Treasury, 1500 Pennsylvania Avenue, NW, Washington, DC 20220, 
(tel.: [phone]). Internet Address: [e-mail].

for further information contact: Steven I. Pinter, Chief, Licensing 
Division (tel.: [phone]); Dennis P. Wood, Chief, Compliance 
Programs Division (tel.: [phone]); Mrs. B.S. Scott, Chief, 
Penalties Program (tel.: [phone]); or William B. Hoffman, Chief 
Counsel (tel.: [phone]); Office of Foreign Assets Control, U.S. 
Department of the Treasury, Washington, DC 20220.

supplementary information:

    Title: Iraqi Sanctions Regulations.
    OMB Number: 1505-0130.
    Abstract: Sections 575.202(d), 575.503, 575.506, 575.509 through 
575.511, 575.517, 575.518, 575.520, 575.521, 575.601, 575.602, 575.606, 
575.703, and 575.801, impose information collection requirements 
subject to the Paperwork Reduction Act of 1995, Public Law 104-13 (44 
U.S.C. 3506(c)(2)(A)). Section 505.202(d) requires that any person 
transferring property unknowingly and unwillfully in violation of the 
Regulations must file a report with the Treasury Department. Section 
575.503 requires transferees of payments to blocked accounts in the 
name of the Government of Iraq in a U.S. financial institution to 
provide written notification to the Office of Foreign Assets Control 
(``OFAC''). Section 575.506 requires notification by a U.S. financial 
institution or U.S. person transferring or receiving funds in 
connection with payments to persons or accounts in the United States of 
obligations of the Government of Iraq where there is no debit to a 
blocked account. Sections 575.509 through 575.511, and 575.518, 
establish licensing policy to authorize certain transactions which are 
otherwise prohibited by the Regulations.
    Sections 575.520 and 575.521 establish licensing policy for the 
issuance of specific licenses with respect to donations of food to 
relieve human suffering and donations of medical supplies, pursuant to 
the procedures described in Section 575.801. Section 575.601 requires 
persons engaging in transactions subject to the Regulations to retain 
full and accurate records of such transactions for

[[Page 58923]]

at least two years. Section 575.602 requires persons engaging in 
transactions subject to the Regulations to furnish information relative 
to such transactions to OFAC on request. Section 575.606 requires that 
persons holding blocked property must register with OFAC within a 
specified time. Section 575.703 provides that persons receiving 
prepenalty notices from the Director of OFAC may respond in writing 
within 30 days. Section 575.801 provides the procedure for requesting 
specific authorization from OFAC for particular transactions that would 
otherwise be prohibited by the Regulations.
    Current Actions: Extension.
    Type of Review: Extension.
    Affected Public: Businesses and other for-profit institutions/
banking institutions/individuals.
    Estimated Number of Respondents: 800 respondents.
    Estimated Time Per Respondent: 2 hours to process.
    Estimated Annual Burden Hours: 1600 hours.

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 agency's functions, 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; and (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: November 12, 1996.
William B. Hoffman,
Chief Counsel, Office of Foreign Assets Control, U.S. Department of the 
Treasury.
[FR Doc. 96-29513 Filed 11-18-96; 8:45 am]
BILLING CODE 4810-25-M