OFAC Seeks Comments on Change to Application for Release of Blocked Funds
The Office of Foreign Assets Control (OFAC) of the Treasury Department is seeking comment on a revision to the OFAC's Electronic License Application Form TD-F 90-22.54. relating to release of blocked funds under transaction prohibited under the Trading with the Enemy Act, 50 U.S.C. App. 1-44 and other laws. Comments are due August 27.
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Blocked Funds Application Changed to Include Space for Email
OFAC issues specific licenses to authorize transactions prohibited under the Trading With the Enemy Act, 50 U.S.C. App. 1-44, the International Emergency Economic Powers Act, 50 U.S.C. 1701 et seq., and other authorities. Such licenses are issued in response to applications submitted by persons whose property and interests in property have been blocked or who wish to engage in transactions that would otherwise be prohibited. The OFAC Application for the Release of Blocked Funds, which provides a standardized method of application for all applicants seeking the unblocking of funds, is available in electronic format on OFAC’s website. The OFAC said it is revising the Application for the Release of Blocked Funds to include a space for applicants to provide an e-mail address.
OFAC Estimates at 3,000 30 Minutes Per Response
The OFAC estimates there will be 3,000 responses. The time per response is estimated to be 30 minutes. The total annual burden hours is estimated at 1,500.
Comments Are Sought on Need for Information Collection
The OFAC is seeking comments on (a) whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information has practical utility; (b) the accuracy of the agency's estimate of the burden of the collection of information, including the validity of the methodology and assumptions used; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (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.
OFAC Contact : Assistant Director for Sanctions Compliance & Evaluation -- 202/622-2490,