06-4705. Iranian Assets Control Regulations, Narcotics Trafficking Sanctions Regulations, Burmese Sanctions Regulations, Sudanese Sanctions Regulations, Weapons of Mass Destruction Trade Control Regulations, Highly Enriched Uranium (HEU) Agreement ...
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Start Preamble
AGENCY:
Office of Foreign Assets Control, Treasury.
ACTION:
Final rule.
SUMMARY:
The Treasury Department's Office of Foreign Assets Control (OFAC) is revising its regulations to reflect amendments to the International Emergency Economic Powers Act (IEEPA) made by the Combating Terrorism Financing Act of 2005 (the “Act”).
DATES:
Effective May 22, 2006.
Start Further InfoFOR FURTHER INFORMATION CONTACT:
Assistant Director, Compliance, Outreach & Implementation, tel.: 202/622-2490, Assistant Director, Policy, tel.: 202/622-4855, Office of Foreign Assets Control, or Chief Counsel (Foreign Assets Control), tel.: 202/622-2410, Office of the General Counsel, Department of the Treasury (not toll free numbers).
End Further Info End Preamble Start Supplemental InformationSUPPLEMENTARY INFORMATION:
Electronic and Facsimile Availability
This document and additional information concerning OFAC are available from OFAC's Web site (http://www.treas.gov/ofac) or via facsimile through a 24-hour fax-on demand service, tel.: (202) 622-0077.
Background
On March 9, 2006, the President signed the Act into law as Public Law 109-177. Section 402 of the Act amended section 206 of IEEPA (50 U.S.C. 1705) by raising the maximum civil penalty for a violation, or attempted violation, of any license, order, or regulation issued under IEEPA to $50,000. The Act also increased the maximum term of imprisonment for a willful violation of any such license, order, or regulation to 20 years.Start Printed Page 29252
Accordingly, OFAC is amending the current IEEPA-based sanctions programs regulations to reflect the revised penalties prescribed by the Act.
Executive Order 12866, Administrative Procedure Act, Regulatory Flexibility Act, and Paperwork Reduction Act
Because the regulations at issue involve a foreign affairs function, the provisions of Executive Order 12866 and the Administrative Procedure Act (5 U.S.C. 553) requiring notice of proposed rulemaking, opportunity for public participation, and delay in effective date are inapplicable. In addition, OFAC finds that, because the rule merely amends the penalties provisions of certain sanctions regulations to conform with the statutory changes provided in the Combating Terrorism Financing Act of 2005, good cause exists under 5 U.S.C. 553(b)(B) to waive the notice and public participation procedures, as well as under 5 U.S.C. 553(d)(3) to waive the delay in effective date. Because no notice of proposed rulemaking is required for this rule, the Regulatory Flexibility Act (5 U.S.C. 601-612) does not apply.
The Paperwork Reduction Act does not apply because this rule does not impose information collection requirements that would require the approval of the Office of Management and Budget under 44 U.S.C. 3501 et seq.
Start List of SubjectsList of Subjects
31 CFR Part 535
- Administrative practice and procedure
- Banks
- Banking
- Currency
- Foreign claims
- Foreign investments in United States
- Iran
- Penalties
- Reporting and recordkeeping requirements
- Securities
31 CFR Part 536
- Administrative practice and procedure
- Banks
- Banking
- Drug traffic control
- Penalties
- Reporting and recordkeeping requirements
31 CFR Part 537
- Administrative practice and procedure
- Banks
- Banking
- Burma
- Currency
- Foreign investments in United States
- Foreign trade
- Penalties
- Reporting and recordkeeping requirements
- Securities
31 CFR Part 538
- Administrative practice and procedure
- Banks
- Banking
- Currency
- Foreign investments in United States
- Foreign trade
- Penalties
- Reporting and recordkeeping requirements
- Securities
- Sudan
31 CFR Part 539
- Administrative practice and procedure
- Arms and munitions
- Imports
- Penalties
- Reporting and recordkeeping requirements
31 CFR Part 540
- Administrative practice and procedure
- Nuclear materials
- Penalties
- Reporting and recordkeeping requirements
- Russian Federation
- Uranium
31 CFR Part 541
- Administrative practice and procedure
- Banks
- Banking
- Blocking of assets
- Penalties
- Reporting and recordkeeping requirements
- Securities
- Services
- Zimbabwe
31 CFR Part 542
- Administrative practice and procedure
- Banks
- Banking
- Blocking of assets
- Credit
- Penalties
- Reporting and recordkeeping requirements
- Securities
- Services
- Syria
31 CFR Part 560
- Administrative practice and procedure
- Exports
- Humanitarian aid
- Imports
- Iran
- Penalties
- Reporting and recordkeeping requirements
31 CFR Part 588
- Administrative practice and procedure
- Banks
- Banking
- Penalties
- Reporting and recordkeeping requirements
- Securities
- Western Balkans
31 CFR Part 594
- Administrative practice and procedure
- Banks
- Banking
- Penalties
- Reporting and recordkeeping requirements
- Terrorism
31 CFR Part 595
- Administrative practice and procedure
- Banks
- Banking
- Currency
- Foreign investments in United States
- Penalties
- Reporting and recordkeeping requirements
- Securities
- Terrorism
For the reasons set forth in the preamble, 31 CFR chapter V is amended by amending the penalty provisions in 31 CFR parts 535, 536, 537, 538, 539, 540, 541, 542, 560, 588, 594, and 595.
End Amendment Part Start PartPART 535—IRANIAN ASSETS CONTROL REGULATIONS
End Part Start Amendment Part1. The authority citation for part 535 is revised to read as follows:
End Amendment PartSubpart G—Penalties
Start Amendment Part[Amended]2. Amend § 535.701 in paragraph (a)(1) by removing “$11,000” and adding in its place “$50,000”, and in paragraph (a)(2) by removing “ten years” and adding in its place “twenty years”.
End Amendment Part Start PartPART 536—NARCOTICS TRAFFICKING SANCTIONS REGULATIONS
End Part Start Amendment Part1. The authority citation for part 536 is revised to read as follows:
End Amendment PartSubpart G—Penalties
Start Amendment Part[Amended]2. Amend § 536.701 in paragraph (a)(1) by removing “$11,000” and adding in its place “$50,000”, and in paragraph (a)(2) by removing “ten years” and adding in its place “twenty years”.
End Amendment Part Start PartPART 537—BURMESE SANCTIONS REGULATIONS
End Part Start Amendment Part1. The authority citation for part 537 is revised to read as follows:
End Amendment PartSubpart G—Penalties
Start Amendment Part[Amended]2. Amend § 537.701 in paragraph (a)(1) by removing “$11,000” and adding in its place “$50,000”, and in paragraph (a)(2) by removing “10 years” and adding in its place “twenty years”.
End Amendment Part Start PartPART 538—SUDANESE SANCTIONS REGULATIONS
End Part Start Amendment Part1. The authority citation for part 538 is revised to read as follows:
End Amendment PartSubpart G—Penalties
Start Amendment Part[Amended]2. Amend § 538.701 in paragraph (a)(1) by removing “$11,000” and adding in its place “$50,000”, and in paragraph (a)(2) by removing “10 years” and adding in its place “twenty years”.
End Amendment Part Start PartPART 539—WEAPONS OF MASS DESTRUCTION TRADE CONTROL REGULATIONS
End Part Start Amendment Part1. The authority citation for part 539 is revised to read as follows:
End Amendment PartSubpart G—Penalties
Start Amendment Part[Amended]2. Amend § 539.701 in paragraph (a)(1) by removing “$11,000” and adding in its place “$50,000”, and in paragraph (a)(2) by removing “10 years” and adding in its place “twenty years”.
End Amendment Part Start PartPART 540—HIGHLY ENRICHED URANIUM (HEU) AGREEMENT ASSETS CONTROL REGULATIONS
End Part Start Amendment Part1. The authority citation for part 540 is revised to read as follows:
End Amendment PartSubpart G—Penalties
Start Amendment Part[Amended]2. Amend § 540.701 in paragraph (a)(1) by removing “$11,000” and adding in its place “$50,000”, and in paragraph (a)(2) by removing “10 years” and adding in its place “twenty years”.
End Amendment Part Start PartPART 541—ZIMBABWE SANCTIONS REGULATIONS
End Part Start Amendment Part1. The authority citation for part 541 is revised to read as follows:
End Amendment PartSubpart G—Penalties
Start Amendment Part[Amended]2. Amend § 541.701 in paragraph (a)(1) by removing “$11,000” and adding in its place “$50,000”, and in paragraph (a)(2) by removing “10 years” and adding in its place “twenty years”.
End Amendment Part Start PartPART 542—SYRIAN SANCTIONS REGULATIONS
End Part Start Amendment Part1. The authority citation for part 542 is revised to read as follows:
End Amendment PartSubpart G—Penalties
Start Amendment Part[Amended]2. Amend § 542.701 in paragraph (a)(1) by removing “$11,000” and adding in its place “$50,000”, and in paragraph (a)(2) by removing “10 years” and adding in its place “twenty years”.
End Amendment Part Start PartPART 560—IRANIAN TRANSACTIONS REGULATIONS
End Part Start Amendment Part1. The authority citation for part 560 is revised to read as follows:
End Amendment PartSubpart G—Penalties
Start Amendment Part[Amended]2. Amend § 560.701 in paragraph (a)(1) by removing “$11,000” and adding in its place “$50,000”, and in paragraph (a)(2) by removing “ten years” and adding in its place “twenty years”.
End Amendment Part Start PartPART 588—WESTERN BALKANS STABILIZATION REGULATIONS
End Part Start Amendment Part1. The authority citation for part 588 is revised to read as follows:
End Amendment PartSubpart G—Penalties
Start Amendment Part[Amended]2. Amend § 588.701 in paragraph (a)(1) by removing “$11,000” and adding in its place “$50,000”, and in paragraph (a)(2) by removing “10 years” and adding in its place “twenty years”.
End Amendment Part Start PartPART 594—GLOBAL TERRORISM SANCTIONS REGULATIONS
End Part Start Amendment Part1. The authority citation for part 594 is revised to read as follows:
End Amendment PartSubpart G—Penalties
Start Amendment Part[Amended]2. Amend § 594.701 in paragraph (a)(1) by removing “$11,000” and adding in its place “$50,000”, and in paragraph (a)(2) by removing “10 years” and adding in its place “twenty years”.
End Amendment Part Start PartPART 595—TERRORISM SANCTIONS REGULATIONS
End Part Start Amendment Part1. The authority citation for part 595 is revised to read as follows:
End Amendment PartSubpart G—Penalties
Start Amendment Part[Amended]2. Amend § 595.701 in paragraph (a)(1) by removing “$11,000” and adding in its place “$50,000”, and in paragraph (a)(2) by removing “ten years” and adding in its place “twenty years”.
End Amendment Part Start SignatureEnd Signature End Supplemental InformationDated: April 20, 2006.
Barbara C. Hammerle,
Acting Director, Office of Foreign Assets Control.
[FR Doc. 06-4705 Filed 5-19-06; 8:45 am]
BILLING CODE 4811-37-P
Document Information
- Effective Date:
- 5/22/2006
- Published:
- 05/22/2006
- Department:
- Foreign Assets Control Office
- Entry Type:
- Rule
- Action:
- Final rule.
- Document Number:
- 06-4705
- Dates:
- Effective May 22, 2006.
- Pages:
- 29251-29253 (3 pages)
- Topics:
- Administrative practice and procedure, Arms and munitions, Banks, banking, Banks, banking, Banks, banking, Banks, banking, Blocking of assets, Burma, Credit, Currency, Drug traffic control, Exports, Foreign claims, Foreign investments in United States, Foreign trade, Humanitarian aid, Imports, Iran, Nuclear materials, Penalties, Reporting and recordkeeping requirements, Russian Federation, Securities, Services, Sudan, Terrorism, Uranium, Western Balkans
- PDF File:
- 06-4705.pdf
- CFR: (12)
- 31 CFR 535.701
- 31 CFR 536.701
- 31 CFR 537.701
- 31 CFR 538.701
- 31 CFR 539.701
- More ...