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 Treasuryâs 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 OFACâs 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 (âREPO for Ukrainians Actâ), (Pub. L. 118-50, Division F), enacted on April 24, 2024, states:
(1) NOTICE REQUIRED.âNot 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 Presidentâs 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 OFACâs 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 OFACâs 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