Markets affected: Any
Measure: On April 8, the Department of the Treasury issued a notice in the Federal Register inviting comments on the information collection requirements of the Office of Foreign Assets Control (OFAC).
Why this matters: OFAC has various requirements related to maintaining records; reporting blocked property and retained funds; filing of certain reports for compliance purposes; reporting of certain information pertaining to litigation and arbitration; license requests and records requests; and procedures to be followed by a person seeking to have funds unblocked or administrative reconsideration of a designation. OFAC also requires the submission of an Annual Report of Blocked Property and maintains voluntary forms for submission of certain other information.
Public Comments: Comments are invited on, among other things, whether the collection of information is necessary for the proper performance of the functions OFAC; ways to enhance the quality, utility, and clarity of the information to be collected; and ways to minimize the burden of the collection of information. Written comments must be submitted on or before June 7, 2021 to be assured of consideration. Details on how to submit these comments are included in the Federal Register notice.
More information: A copy of the Federal Register notice is available online here.
Potential action: If you, your company or clients have any views on how to improve OFAC’s information collection, then this presents an excellent opportunity to have your/their views heard by those developing policy. The DEC Trade Policy Committee would appreciate you also sharing with us any comments you or your clients may have on the information collection activities of OFAC and would be pleased to work with you to advocate on behalf of the region’s interests in this matter.