Amendment to the Bank Secrecy Act Regulation Special Measure Against Commercial Bank of Syria

1The statute generally referred to as the ‘‘Bank Secrecy Act,’’ Titles I and II of Public Law 91–508, as amended, is codified at 12 U.S.C. 1829b, 12 U.S.C. 1951–1959, and 31 U.S.C. 5311–5314, 5316–
5332. In pertinent part, regulations implementing
Title II of the Bank Secrecy Act appear at 31 CFR
Part 103.
2Therefore, references to the authority of the Secretary of the Treasury under section 311 of the USA PATRIOT Act apply equally to the Director of the Financial Crimes Enforcement Network. 3Language expanding the scope of the Bank Secrecy Act to intelligence or counter-intelligence activities to protect against international terrorism was added by section 358 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (‘‘USA PATRIOT’’) Act of 2001, Public Law 107– 56 (October 26, 2001).
PART 4044—ALLOCATION OF
ASSETS IN SINGLE-EMPLOYER PLANS

• 4. The authority citation for part 4044
  continues to read as follows:
  Authority: 29 U.S.C. 1301(a), 1302(b)(3), 1341, 1344, 1362.
• 5. In appendix B to part 4044, a new
     entry for April 2006, as set forth below, is added to the table.
     Appendix B to Part 4044—Interest
     Rates Used to Value Benefits

For valuation occurring in the month— The values of it are:
it for t = it for t = it for t =

April 2006 .......................................................................... .0560 1–20 .0475 >20 N/A N/A Issued in Washington, DC, on this 8th day of March 2006. Vincent K. Snowbarger, Deputy Executive Director, Pension Benefit Guaranty Corporation. [FR Doc. 06–2458 Filed 3–14–06; 8:45 am] BILLING CODE 7709–01–P DEPARTMENT OF THE TREASURY 31 CFR Part 103 RIN 1506–AA64 Financial Crimes Enforcement Network; Amendment to the Bank Secrecy Act Regulations—Imposition of Special Measure Against Commercial Bank of Syria, Including Its Subsidiary, Syrian Lebanese Commercial Bank, as a Financial Institution of Primary Money Laundering Concern AGENCY: Financial Crimes Enforcement Network, Department of the Treasury. ACTION: Final rule. SUMMARY: The Financial Crimes Enforcement Network is issuing a final rule imposing a special measure against Commercial Bank of Syria as a financial institution of primary money laundering concern, pursuant to the authority contained in 31 U.S.C. 5318A of the Bank Secrecy Act. DATES: This final rule is effective on April 14, 2006. FOR FURTHER INFORMATION CONTACT:
Regulatory Policy and Programs Division, Financial Crimes Enforcement Network, (800) 949–2732. SUPPLEMENTARY INFORMATION:
I. Background
A. Statutory Provisions On October 26, 2001, the President signed into law the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107–56 (USA PATRIOT Act). Title III of the USA PATRIOT Act amends the anti-money laundering provisions of the Bank Secrecy Act, codified at 12 U.S.C. 1829b, 12 U.S.C. 1951–1959, and 31 U.S.C. 5311–5314 and 5316–5332, to promote the prevention, detection, and prosecution of money laundering and the financing of terrorism. Regulations implementing the Bank Secrecy Act appear at 31 CFR
part 103.1 The authority of the Secretary
of the Treasury (‘‘the Secretary’’) to administer the Bank Secrecy Act and its implementing regulations has been delegated to the Director of the Financial Crimes Enforcement Network.2 The Act authorizes the Director to issue regulations to require all financial institutions defined as such in the Act to maintain or file certain reports or records that have been determined to have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings, or in the conduct of intelligence or counter￾intelligence activities, including analysis, to protect against international terrorism, and to implement anti-money laundering programs and compliance procedures.3
Section 311 of the USA PATRIOT Act
added section 5318A to the Bank Secrecy Act, granting the Secretary the authority, after finding that reasonable grounds exist for concluding that a foreign jurisdiction, institution, class of transactions, or type of account is of ‘‘primary money laundering concern,’’ to require domestic financial institutions and domestic financial agencies to take certain ‘‘special measures’’ against the primary money laundering concern. Section 311 identifies factors for the Secretary to consider and Federal agencies to consult before we may find that reasonable grounds exist for concluding that a jurisdiction, institution, class of transactions, or type of account is of primary money laundering concern. The statute also provides similar procedures, including factors and consultation requirements, for selecting the specific special measures to be imposed against the primary money laundering concern. Taken as a whole, section 311 provides the Secretary with a range of options that can be adapted to target specific money laundering and terrorist financing concerns most effectively. These options give us the authority to bring additional and useful pressure on those jurisdictions and institutions that pose money-laundering threats and allow us to take steps to protect the U.S. financial system. Through the imposition of various special measures, we can gain more information about the concerned jurisdictions, institutions, transactions, and accounts; monitor more effectively the respective jurisdictions, institutions, transactions, and accounts; and ultimately protect U.S. financial institutions from involvement with jurisdictions, institutions, transactions, or accounts that pose a money laundering concern. Before making a finding that reasonable grounds exist for concluding that a foreign financial institution is of primary money laundering concern, the Secretary is required by the Bank Secrecy Act to consult with both the Secretary of State and the Attorney General. In addition to these consultations, when finding that a foreign financial institution is of primary money laundering concern, the Secretary is required by section 311 to consider ‘‘such information as [we] determine to cchase on PROD1PC60 with RULES