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Commercial Bank of Syria, Including Public Law 107–56

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Commercial Bank of Syria, Including Public Law 107–56 28098 Federal Register / Vol. 69, No. 96 / Tuesday, May 18, 2004 / Proposed Rules constitutes terminating action to the special measure against Commercial authority of the Secretary of the repetitive inspections in paragraphs (f), (g), Bank of Syria (CBS) as a financial Treasury (Secretary) to administer the (h), (i), and (j), of this AD. institution of primary money laundering BSA and its implementing regulations (n) Replacement of the front combustion concern, pursuant to the authority has been delegated to the Director of liner assembly with a front combustion liner assembly that incorporates the modifications contained in 31 U.S.C. 5318A of the FinCEN. in RR SB No. RB.211–72–9764 in the RB211– Bank Secrecy Act. Section 311 of the USA Patriot Act 524G and –524H engines constitutes DATES: Written comments on the notice (section 311) added section 5318A to terminating action to the repetitive of proposed rulemaking must be the BSA, granting the Secretary the inspections in paragraphs (f), (g), (h), (i), and submitted on or before June 17, 2004. authority to find that a foreign (j) of this AD. jurisdiction, institution, class of ADDRESSES: You may submit comments, transactions, or type of account is of Definition of Shop Visit identified by RIN 1506–AA64, by either ‘‘primary money laundering concern’’ (o) For the purpose of this AD, a shop visit of the following methods: • and to require domestic financial is defined as any time that the 04 module is Federal e-rulemaking portal: http:// institutions and financial agencies to removed for refurbishment or overhaul. www.regulations.gov. Follow the take certain ‘‘special measures’’ against Alternative Methods of Compliance instructions for submitting comments. the primary money laundering concern. • E-mail: (p) The Manager, Engine Certification Section 311 identifies factors for the Office, has the authority to approve [email protected]. Include Secretary to consider and agencies to alternative methods of compliance for this RIN 1506–AA64 in the subject line of consult before the Secretary may AD if requested using the procedures found the message. • conclude that a jurisdiction, institution, in 14 CFR 39.19. Mail: FinCEN, PO Box 39, Vienna, or transaction is of primary money VA 22183. Include RIN 1506–AA64 in Material Incorporated by Reference laundering concern. The statute also the body of the text. (q) You must use Rolls-Royce plc (RR) provides similar procedures, i.e., factors Instructions: It is preferable for and consultation requirements, for Alert Service Bulletin No. RB.211–72– comments to be submitted by electronic AB482, Revision 9, dated July 28, 2003; RR selecting the imposition of specific Service Bulletin (SB) No. RB.211–71–9670, mail because paper mail in the special measures against the primary dated August 27, 1993; and RR SB No. Washington, DC, area may be delayed. money laundering concern. RB.211–72–9764, Revision 3, dated January Please submit comments by one method Taken as a whole, section 311 16, 1998 to do the inspections and only. All submissions received must provides the Secretary with a range of replacements required by this AD. Approval include the agency name and the options that can be adapted to target of incorporation by reference from the Office Regulatory Information Number (RIN) specific money laundering and terrorist of the Federal Register is pending. for this rulemaking. All comments financing concerns most effectively. Related Information received will be posted without change These options give the Secretary the (r) Civil Aviation Authority airworthiness to http://www.fincen.gov, including any authority to bring additional and useful directive AD G–2003–0011 (previously 005– personal information provided. pressure on those jurisdictions and 07–95), dated October 1, 2003, also addresses Comments may be inspected at FinCEN institutions that pose money laundering the subject of this AD. Aircraft Maintenance between 10 a.m. and 4 p.m., in the threats. Through the imposition of Manual 72–00–00 also addresses the subject FinCEN reading room in Washington, various special measures, the Secretary of this AD. DC. Persons wishing to inspect the can gain more information about the Issued in Burlington, Massachusetts, on comments submitted must request an concerned jurisdictions, institutions, May 12, 2004. appointment by telephoning (202) 354– transactions, and accounts; can more Peter A. White, 6400 (not a toll-free number). effectively monitor the respective Acting Manager, Engine and Propeller FOR FURTHER INFORMATION CONTACT: jurisdictions, institutions, transactions, Directorate, Aircraft Certification Service. Office of Regulatory Programs, FinCEN, and accounts; and/or can protect U.S. [FR Doc. 04–11200 Filed 5–17–04; 8:45 am] at (202) 354–6400; and Office of Chief financial institutions from involvement BILLING CODE 4910–13–P Counsel, FinCEN, at (703) 905–3590 with jurisdictions, institutions, (not toll-free numbers). transactions, or accounts that pose a SUPPLEMENTARY INFORMATION: money laundering concern. Before DEPARTMENT OF THE TREASURY making a finding that reasonable I. Background grounds exist for concluding that a 31 CFR Part 103 A. Statutory Provisions foreign financial institution is of primary money laundering concern, the RIN 1506–AA64 On October 26, 2001, the President Secretary is required to consult with signed into law the Uniting and both the Secretary of State and the Financial Crimes Enforcement Strengthening America by Providing Network; Amendment to the Bank Attorney General. Appropriate Tools Required to Intercept In addition to these consultations, the Secrecy Act Regulations—Imposition and Obstruct Terrorism (USA PATRIOT Secretary, when finding that a foreign of a Special Measure Against Act) Act of 2001 (the USA Patriot Act), financial institution is of primary Commercial Bank of Syria, Including Public Law 107–56. Title III of the USA money laundering concern, is required Its Subsidiary, Syrian Lebanese Patriot Act amends the anti-money by statute to consider ‘‘such information Commercial Bank, as a Financial laundering provisions of the Bank as the Secretary determines to be Institution of Primary Money Secrecy Act (BSA), codified at 12 U.S.C. relevant, including the following Laundering Concern 1829b, 12 U.S.C. 1951–1959, and 31 potentially relevant factors’’: AGENCY: Financial Crimes Enforcement U.S.C. 5311–5314, 5316–5332, to • The extent to which the financial Network (FinCEN), Treasury. promote the prevention, detection, and institution is used to facilitate or ACTION: Notice of proposed rulemaking. prosecution of international money promote money laundering in or laundering and the financing of through the jurisdiction; SUMMARY: FinCEN is issuing this notice terrorism. Regulations implementing the • The extent to which the financial of proposed rulemaking to impose a BSA appear at 31 CFR Part 103. The institution is used for legitimate VerDate jul<14>2003 16:01 May 17, 2004 Jkt 203001 PO 00000 Frm 00006 Fmt 4702 Sfmt 4702 E:\FR\FM\18MYP1.SGM 18MYP1 Federal Register / Vol. 69, No. 96 / Tuesday, May 18, 2004 / Proposed Rules 28099 business purposes in the jurisdiction; business activities involving the suspicious money laundering and particular institution; and transactions, but the Commission is • The extent to which the finding that • The effect of the action on United composed of both regulators and the institution is of primary money States national security and foreign members of the banking community, laundering concern is sufficient to policy.3 thus automatically creating a conflict of ensure, with respect to transactions B. CBS interest. Further, the law continues to involving the institution operating in maintain strict bank secrecy, which can the jurisdiction, that the purposes of the In this rulemaking, FinCEN proposes only be lifted through formal action by BSA continue to be fulfilled, and to to impose the fifth special measure (31 the Commission. The law and the guard against international money U.S.C. 5318A(b)(5)) against CBS. The implementing regulation also fail to laundering and other financial crimes. fifth special measure prohibits or provide an enforcement mechanism to If the Secretary determines that a conditions the opening or maintaining ensure that anti-money laundering foreign financial institution is of of correspondent or payable-through controls are implemented by the primary money laundering concern, the accounts. This special measure may be financial sector. On the whole, the law Secretary must determine the imposed only through the issuance of a and the implementing regulation fail to appropriate special measure(s) to regulation. meet the international standards CBS is based in Damascus, Syria, and address the specific money laundering established by the FATF 40 maintains approximately 50 branches risks. Section 311 provides a range of Recommendations and thus do not and employs about 4,500 persons. All of special measures that can be imposed, create an effective anti-money the branches are located in Syria. CBS individually, jointly, in any laundering regime. Furthermore, Syria 1 was established in Syria in 1967 as the combination, and in any sequence. The does not participate in any exchange of single, government-owned bank Secretary’s imposition of special information with foreign nations or specializing in servicing foreign trade measures follows procedures similar to foreign financial institutions, severely and commercial banking, including those for designations,
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