October 11, 2011 / Rules and Regulations 62607
Total Page：16
File Type：pdf, Size：1020Kb
Federal Register / Vol. 76, No. 196 / Tuesday, October 11, 2011 / Rules and Regulations 62607 drain is ‘‘unblockable’’ if the suction DEPARTMENT OF THE TREASURY Analyses’’, lines 6 and 7 from the outlet, including the sump, has a bottom of the second paragraph, the perforated (open) area that cannot be Internal Revenue Service phrase ‘‘$2.80 and registered mail can shadowed by the area of the 18″ x 23″ be used for as little as $10.60’’ is Body Blocking Element of ANSI/APSP– 26 CFR Part 301 corrected to read ‘‘$2.85 and registered 16 2011 and the rated flow through any [TD 9543] mail can be used for as little as $10.75.’’ portion of the remaining open area 4. On page 52562, column 3, in the RIN 1545–BA99 (beyond the shadowed portion) cannot preamble, the caption ‘‘List of Subjects in 26 CFR part 301’’ is corrected to read create a suction force in excess of the Timely Mailing Treated as Timely Filing removal force values in Table 1 of that as follows: AGENCY: Standard. The Staff Technical Guidance Internal Revenue Service (IRS), List of Subjects of June 2008 will be updated to clarify Treasury. 26 CFR Part 301 that placing a removable, unblockable ACTION: Correction to final regulations. Employment taxes, Estate taxes, Gift drain cover over a blockable drain does SUMMARY: This document contains taxes, Income taxes, Penalties, Reporting not constitute an unblockable drain. corrections to final regulations that were This revocation corrects the previous published in the Federal Register on and recordkeeping requirements. interpretation, which the Commission Tuesday, August 23, 2011, the 26 CFR Part 602 now believes was in error and thwarts regulations provide that the proper use Reporting and recordkeeping the intent of the law to require layers of of registered or certified mail, or a requirements. protection in cases where a drain cover, service of a private delivery service 5. On page 52562, column 3, in the regardless of its size, can be removed, designated under criteria established by preamble under the caption ‘‘Adoption broken, or otherwise expose a blockable the Internal Revenue Service, will of Amendments to the Regulations’’, drain and present an entrapment constitute prima facie evidence of line 1, the phrase ‘‘Accordingly, 26 CFR delivery. The regulations affect hazard. The Commission has set a part 301 is amended as follows:’’ is taxpayers who mail Federal tax compliance date of May 28, 2012, to corrected to read ‘‘Accordingly, 26 CFR documents to the Internal Revenue allow time for firms that require parts 301 and 602 are amended as service or the United States Tax Court. modifications as a result of this follows:’’. revocation to bring their pools into DATES: This correction is effective on Diane O. Williams, compliance with the statute as written. October 11, 2011 and applies to any In addition, the Commission invites payment or document mailed and Federal Register Liaison, Publications and Regulations Branch, Legal Processing written comments regarding the ability delivered in accordance with the requirements of § 301.7502–1 in an Division, Associate Chief Counsel, (Procedure of those who have installed VGBA envelope bearing a postmark dated after and Administration). compliant unblockable drain covers as September 21, 2004. [FR Doc. 2011–26187 Filed 10–7–11; 8:45 am] described at 16 CFR 1450.2(b) to come FOR FURTHER INFORMATION CONTACT: BILLING CODE 4830–01–P into compliance with our revocation by Steven Karon, (202) 622–4570 (not a May 28, 2012. toll-free number). List of Subjects in 16 CFR Part 1450 SUPPLEMENTARY INFORMATION: DEPARTMENT OF THE TREASURY Consumer protection, Infants and Background Financial Crimes Enforcement Network children, Law enforcement. The final regulations (TD 9543) that is 31 CFR Part 1060 For the reasons stated above, the the subject of this correction is under sections 301 and 602 of the Internal Commission amends part 1450 of title RIN 1506–AB12 Revenue Code. 16 of the Code of Federal Regulations as Comprehensive Iran Sanctions, set forth below: Need for Correction Accountability, and Divestment As published on August 23, 2011 (76 Reporting Requirements PART 1450—VIRGINIA GRAEME FR 52561), the final regulations (TD BAKER POOL AND SPA SAFETY ACT 9543) contains errors that may prove to AGENCY: Financial Crimes Enforcement REGULATIONS be misleading and is in need of Network (‘‘FinCEN’’), Treasury. clarification. ACTION: Final rule. ■ 1. The authority citation for part 1450 continues to read as follows: Correction of Publication SUMMARY: FinCEN, to comply with the Accordingly, the final regulations (TD congressional mandate to prescribe Authority: 15 U.S.C. 2051–2089, 86 Stat. regulations under section 104(e) of the 1207; 15 U.S.C. 8001–8008, 121 Stat. 1794. 9543), that were the subject of FR Doc. 2011–21416, are corrected as follows: Comprehensive Iran Sanctions, § 1450.2 [Removed and Reserved] 1. On page 52561, column 1, in the Accountability, and Divestment Act of regulation heading, the CFR Title and 2010 (‘‘CISADA’’) and consistent with ■ 2. Remove and reserve § 1450.2. part Number, line 3, the phrase ‘‘26 CFR its statutory mission under 31 U.S.C. 310, is issuing this final rule. The rule Dated: September 29, 2011. part 301’’ is corrected to read ‘‘26 CFR parts 301 and 602’’. requires a U.S. bank that maintains a Todd A. Stevenson, 2. On page 52561, column 2, in the correspondent account for a foreign Secretary, Consumer Product Safety preamble, under the caption ‘‘FOR bank to inquire of the foreign bank, and Commission. FURTHER INFORMATION CONTACT’’, line 1, report to FinCEN certain information [FR Doc. 2011–25601 Filed 10–7–11; 8:45 am] the phrase ‘‘(202) 622- 4570’’ is with respect to transactions or other BILLING CODE 6355–01–P corrected to read ‘‘(202) 622–4570’’. financial services provided by that 3. On page 52562, column 3, in the foreign bank. Under the rule, U.S. banks preamble under the caption ‘‘Special will only be required to report this VerDate Mar<15>2010 16:30 Oct 07, 2011 Jkt 226001 PO 00000 Frm 00005 Fmt 4700 Sfmt 4700 E:\FR\FM\11OCR1.SGM 11OCR1 jlentini on DSK4TPTVN1PROD with RULES 62608 Federal Register / Vol. 76, No. 196 / Tuesday, October 11, 2011 / Rules and Regulations information to FinCEN upon receiving a (C) engages in money laundering to carry (A) Perform an audit of activities described specific written request from FinCEN. out an activity described in subparagraph (A) in subsection (c)(2) that may be carried out This final rule follows publication of a or (B); by the foreign financial institution. May 2, 2011 proposed rule, takes into (D) facilitates efforts by the Central Bank of (B) Report to the Department of the Iran or any other Iranian financial institution Treasury with respect to transactions or other account the public comments received, to carry out an activity described in financial services provided with respect to and adopts the provisions of the subparagraph (A) or (B); or any such activity. proposed rule with minor modifications (E) facilitates a significant transaction or (C) Certify, to the best of the knowledge of described in the preamble. transactions or provides significant financial the domestic financial institution, that the services for— DATES: Effective Date: October 11, 2011. foreign financial institution is not knowingly (i) Iran’s Revolutionary Guard Corps or any engaging in any such activity. FOR FURTHER INFORMATION CONTACT: The of its agents or affiliates whose property or (D) Establish due diligence policies, FinCEN regulatory helpline at (800) interests in property are blocked pursuant to procedures, and controls, such as the due 949–2732 and select Option 6. the International Emergency Economic diligence policies, procedures, and controls Powers Act (50 U.S.C. 1701 et seq.); or SUPPLEMENTARY INFORMATION: described in section 5318(i) of title 31, (ii) a financial institution whose property United States Code, reasonably designed to I. Statutory Provisions or interests in property are blocked pursuant detect whether the Secretary of the Treasury to that Act in connection with— has found the foreign financial institution to On July 1, 2010, the President signed (I) Iran’s proliferation of weapons of mass knowingly engage in any such activity. CISADA 1 into law. Section 104(c) of destruction or delivery systems for weapons (2) PENALTIES.—The penalties provided CISADA requires the Secretary of the of mass destruction; or for in sections 5321(a) and 5322 of title 31, Treasury (‘‘the Secretary’’) to prescribe (II) Iran’s support for international United States Code, shall apply to a person regulations to prohibit, or impose strict terrorism. that violates a regulation prescribed under (3) PENALTIES.—The penalties provided paragraph (1) of this subsection, in the same conditions on, the opening or for in subsections (b) and (c) of section 206 maintaining in the United States of manner and to the same extent as such of the International Emergency Economic penalties would apply to any person that is correspondent accounts and payable- Powers Act (50 U.S.C. 1705) shall apply to otherwise subject to such section 5321(a) or through accounts for foreign financial a person that violates, attempts to violate, 5322.’’ institutions that the Secretary finds conspires to violate, or causes a violation of knowingly engage in sanctionable regulations prescribed under paragraph (1) of In order to comply with the activities described in section 104(c)(2) this subsection to the same extent that such congressional mandate to prescribe penalties apply to a person that commits an regulations under section 104(e) of of CISADA. The relevant statutory unlawful act described in section 206(a) of language reads as follows: CISADA, and consistent with its that Act.’’ statutory mission under 31 U.S.C.