OFAC Asks for Comments on Rough Diamond Import/Export Reporting
The Treasury Department’s Office of Foreign Assets Control (OFAC) is seeking comment on an information collection related to the shipment of rough diamonds. Comments are due by Sept. 8. U.S. law requires the ultimate consignee of a rough diamond shipment, identified on Customs Form 7501 Entry Summary, imported into the U.S. to report information to the foreign exporting authority within 15 days of the date the shipment arrived at a U.S. port. U.S. individuals and companies that import rough diamonds into the U.S. or export rough diamonds from the U.S. are also required to file an annual report to the U.S. government on trade activity throughout the year. OFAC is asking for an extension of the information collection without change. The requested comments should specifically address the following areas:
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- whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information has practical utility
- the accuracy of the agency's estimate of the burden of the collection of information, including the validity of the methodology and assumptions used
- ways to enhance the quality, utility, and clarity of the information to be collected
- 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
- estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information
(Federal Register 07/10/14)