Submissions will provide the U.S.
Government with information to be used in enforcing various
economic sanctions programs administered by OFAC under 31 CFR
Chapter V.
The U.S. Department of
the Treasury’s Office of Foreign Assets Control (OFAC) requests
emergency clearance by July 12, 2024, from the Office of Management
and Budget (OMB) for a revision to OFAC’s Reporting, Procedures and
Penalties Regulations Information Collection Request (RPPR ICR),
OMB Control No. 1505-0164, to incorporate a reporting requirement
mandated by recent legislation. Specifically, section 104(a)(1) of
the Rebuilding Economic Prosperity and Opportunity for Ukrainians
Act (“REPO for Ukrainians Act”), (Pub. L. 118-50, Division F),
enacted on April 24, 2024, states: (1) NOTICE REQUIRED.—Not later
than 90 days after the date of the enactment of this division, the
President shall, by means of such instructions or regulations as
the President may prescribe, require any financial institution at
which Russian sovereign assets are located, and that knows or
should know of such assets, to provide notice of such assets,
including relevant information required under section
501.603(b)(ii) of title 31, Code of Federal Regulations (or
successor regulations), to the Secretary of the Treasury not later
than 10 days after detection of such assets. As a result, OFAC
submits that emergency clearance for the new reporting requirement
is justified under 5 CFR 1320.13(a), (b), and (c), as follows:
(a)(1) The collection of information: (i) is required to begin by
July 23, 2024, to meet the statutory deadline of 90 days after the
enactment of the REPO for Ukrainians Act, which is prior to the
expiration of time periods established under 5 CFR part 1320; and
(ii) is essential to the mission of the agency in carrying out the
President’s statutory obligations within the time period specified
in the REPO for Ukrainians Act. (2) The agency cannot reasonably
comply with the normal clearance procedures under this part because
the use of normal clearance procedures is reasonably likely to
cause a statutory ordered deadline to be missed and OFAC will not
be able to enforce its reporting requirements. (b) OFAC requests
that OMB approve or disapprove the collection of information by
July 12, 2024, to give the regulated public time to collect the
relevant information in advance of the reporting deadline. (c) OFAC
has taken all practicable steps to consult with interested agencies
and members of the public to minimize the burden of the collection
of information. Specifically, OFAC has minimized the additional
burden on reporting persons by largely conforming the format on the
new reporting form to the existing reporting form for blocked
assets found in 31 CFR 501.603(b), which is already included in
OFAC’s existing RPPR ICR.
US Code:
50 USC 1701-1706 Name of Law: International Emergency Economic
Powers Act
US Code: 22
USC 287c Name of Law: United Nations Participation Act of
1945
US Code: 50
USC 4301 Name of Law: Trading with the Enemy Act
The estimated 137,084 responses
cited in Item 12 represent a significant increase of 106,733
responses from the previously approved collection for this
authority (see reference tables below). Since OFAC’s last renewal
request for this authority, in response to unpredictable foreign
policy developments and considerations, and given the ongoing
conflict in Ukraine, OFAC has added a number of new programs and
prohibitions, as well as several thousand new designations,
particularly with respect to Ukraine and Russian, and received a
corresponding increase in related reports. Numerous factors are
relevant with respect to calculating the estimated burden
associated with the information collection and recordkeeping
requirements associated with this collection. Of necessity, OFAC
utilizes historical burden data in forecasting future burden hours.
In future years, OFAC expects that new sanctions programs may be
created, or additional prohibitions imposed under existing
programs, and other programs or prohibitions may be terminated,
which may slightly increase or decrease the burden associated with
this collection authority. The creation of new programs or
prohibitions, or the elimination of programs or prohibitions, are
difficult to estimate as these changes are often responding to
specific and unforeseeable foreign policy developments and
considerations. However, these changes may have an impact on the
time and cost estimates under this collection authority. At the
same time, OFAC has been working to streamline the reporting
process, and to update its technologies to assist submitters in the
reporting process with a view toward reduction of the overall
burden on submitters of required reports. For example, the ORS
electronic reporting system continues to reduce the burden of
submitting certain required reports for many submitters, including
many large, higher-volume filers. OFAC expects this small burden
reduction trend to continue as more submitters utilize ORS for
reporting given the upcoming mandate for ORS filing for certain
reports, and reporting of additional forms and information becomes
available via ORS in the future. In addition, OFAC continues to
finetune its methodology for calculating burden in an effort to be
more precise and accurate in its burden estimates and
calculations.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Form TD F 90-22.50 Reporting, Procedures and Penalties Regulations
1505-0164 Emergency Justification Memo (REPO for Ukraine) 2024-07-03.docx
Reporting, Procedures and Penalties Regulations