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2016 13038(DPRK Finding) Federal Register / Vol. 81, No. 106 / Thursday, June 2, 2016 / Notices 35441 address: The target population to which DEPARTMENT OF THE TREASURY the primary money laundering concern. generalizations will be made, the For purposes of the finding contained in sampling frame, the sample design Financial Crimes Enforcement Network this notice, the Secretary has delegated (including stratification and clustering), his authority under Section 311 to the Finding That the Democratic People’s the precision requirements or power Director of FinCEN.1 Republic of Korea Is a Jurisdiction of Taken as a whole, Section 311 calculations that justify the proposed Primary Money Laundering Concern sample size, the expected response rate, provides the Secretary with a range of methods for assessing potential AGENCY: The Financial Crimes options that can be adapted to target nonresponse bias, the protocols for data Enforcement Network (‘‘FinCEN’’), specific money laundering and terrorist collection, and any testing procedures Treasury. financing concerns most effectively. that were or will be undertaken prior to ACTION: Notice of finding. Through the imposition of various fielding the study. Depending on the special measures, the Secretary can gain SUMMARY: This document provides more information about the degree of influence the results are likely notice that, pursuant to the authority jurisdictions, institutions, transactions, to have, such collections may still be contained in the USA PATRIOT Act, the or accounts of concern; can more eligible for submission for other generic Director of FinCEN found on May 27, effectively monitor the respective mechanisms that are designed to yield 2016 that reasonable grounds exist for jurisdictions, institutions, transactions, quantitative results. As a general matter, concluding that the Democratic People’s or accounts; or can prohibit U.S. information collections will not result Republic of Korea (‘‘DPRK’’ or ‘‘North financial institutions from involvement in any new system of records containing Korea’’) is a jurisdiction of primary with jurisdictions, institutions, privacy information and will not ask money laundering concern. transactions, or accounts that pose a questions of a sensitive nature, such as FOR FURTHER INFORMATION CONTACT: money laundering concern. sexual behavior and attitudes, religious FinCEN, (800) 949–2732. Before making a finding that beliefs, and other matters that are SUPPLEMENTARY INFORMATION: reasonable grounds exist for concluding commonly considered private. that a jurisdiction is of primary money I. Background Respondents: Individuals and laundering concern, the Secretary is Households, Businesses and A. Statutory Provisions required to consult with both the Organizations, State, Local or Tribal On October 26, 2001, the President Secretary of State and the Attorney Government. signed into law the Uniting and General. The Secretary is also required 2 Strengthening America by Providing by Section 311, as amended, to Estimated Expected Annual Number consider ‘‘such information as the of Activities: 15. Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the Secretary determines to be relevant, Estimated Annual Responses: 5,900. ‘‘USA PATRIOT Act’’), Public Law 107– including the following potentially Frequency of Response: Once per 56. Title III of the USA PATRIOT Act relevant factors,’’ which extend the Request. amends the anti-money laundering Secretary’s consideration beyond provisions of the Bank Secrecy Act traditional money laundering concerns Estimated Annual Burden: 1,758. (‘‘BSA’’), codified at 12 U.S.C. 1829b, 12 to issues involving, inter alia, terrorist Public Comments Invited: You are U.S.C 1951–1959, and 31 U.S.C. 5311– financing and the proliferation of asked to comment on any aspect of this 5314 and 5316–5332, to promote weapons of mass destruction (‘‘WMD’’) information collection, including (a) prevention, detection, and prosecution or missiles: • whether the proposed collection of of international money laundering and Evidence that organized criminal information is necessary for the the financing of terrorism. Regulations groups, international terrorists, or Department’s performance; (b) the implementing the BSA appear at 31 CFR entities involved in the proliferation of accuracy of the estimated burden; (c) Chapter X. WMD or missiles, have transacted Section 311 of the USA PATRIOT Act business in that jurisdiction; ways for the Department to enhance the • quality, utility and clarity of the (‘‘Section 311’’) added 31 U.S.C. 5318A The extent to which that information collection; and (d) ways to the BSA, granting the Secretary of the jurisdiction or financial institutions operating in that jurisdiction offer bank that the burden could be minimized Treasury (the ‘‘Secretary’’) the authority, secrecy or special regulatory advantages without reducing the quality of the upon finding that reasonable grounds to nonresidents or nondomiciliaries of collected information. The agency will exist for concluding that a foreign jurisdiction, institution, class of that jurisdiction; summarize and/or include your • The substance and quality of comments in the request for OMB’s transactions, or type of account is of ‘‘primary money laundering concern,’’ administration of the bank supervisory clearance of this information collection. to require domestic financial and counter- money laundering laws of Authority: The Paperwork Reduction Act institutions and financial agencies to that jurisdiction; of 1995; 44 U.S.C. Chapter 35, as amended; take certain ‘‘special measures’’ against • The relationship between the and 49 CFR 1:93. the primary money laundering concern. volume of financial transactions Dated: May 24, 2016. Section 311 identifies factors for the occurring in that jurisdiction and the size of the economy of the jurisdiction; T. Mitchell Hudson, Jr., Secretary to consider and requires Federal agencies to consult before the • The extent to which that Secretary, Maritime Administration. Secretary may conclude that a jurisdiction is characterized as an [FR Doc. 2016–12973 Filed 6–1–16; 8:45 am] jurisdiction, institution, class of offshore banking or secrecy haven by BILLING CODE 4910–81–P transaction, or type of account is of primary money laundering concern. The 1 Therefore, references to the authority and statute also provides similar procedures, findings of the Secretary in this document apply equally to the Director of FinCEN. i.e., factors and consultation 2 31 U.S.C. 5318A was amended by section 501 requirements, for selecting the specific of the Iran Freedom Support Act of 2006, Public special measures to be imposed against Law 109–293. VerDate Sep<11>2014 18:30 Jun 01, 2016 Jkt 238001 PO 00000 Frm 00149 Fmt 4703 Sfmt 4703 E:\FR\FM\02JNN1.SGM 02JNN1 asabaliauskas on DSK3SPTVN1PROD with NOTICES 35442 Federal Register / Vol. 81, No. 106 / Thursday, June 2, 2016 / Notices credible international organizations or • The effect of the action on U.S. transactions disassociated from the multilateral expert groups; national security and foreign policy. movement of goods or services.6 • Whether the United States has a The Treaty on the Non-Proliferation of mutual legal assistance treaty with that B. Democratic People’s Republic of Nuclear Weapons and the International jurisdiction, and the experience of U.S. Korea Atomic Energy Agency Safeguards Agreement work together to prevent the law enforcement officials and regulatory As set out in detail below, North development of nuclear weapons and officials in obtaining information about Korea continues to advance its nuclear transactions originating in or routed promote the peaceful use of nuclear and ballistic missile programs in through or to such jurisdiction; and energy. Although North Korea acceded violation of international treaties, • The extent to which that to the Treaty on the Non-Proliferation of international censure and sanctions jurisdiction is characterized by high Nuclear Weapons (‘‘NPT’’) in 1985, it levels of official or institutional measures, and U.S. law. North Korea withdrew from the Treaty in 2003. corruption. does this using an extensive overseas Subsequently, North Korea If the Secretary determines that network of front companies, shell demonstrated its nuclear weapons reasonable grounds exist for concluding companies, joint ventures, and opaque capacity with nuclear tests in 2006, that a jurisdiction is of primary money business relationships. North Korea 2009, 2013, and 2016.7 laundering concern, the Secretary is conducts almost no banking in true Since 2005, North Korea has been authorized to impose one or more of the name in the formal financial system sanctioned repeatedly for its special measures in Section 311 to given that many of its outward facing proliferation of WMD and the address the specific money laundering agencies and financial institutions have development of nuclear and ballistic risks. Section 311 provides a range of been sanctioned by the United States, missile programs. Between June 2006 special measures that can be imposed the United Nations, or both. and 2016, the United Nations (UN) Security Council issued five UNSCRs— individually, jointly, and in any While none of North Korea’s financial 3 1718, 1874, 2087, 2094, and 2270— sequence. Before imposing special institutions maintain correspondent measures, the statute requires the restricting North Korea’s financial and accounts with U.S. financial operational activities related to its Secretary to consult with
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