2005-06-09
Added · Updated
FinCEN issues an interim final rule defining 'dealer' as a U.S. person engaged in the purchase and sale of more than $50,000 in covered goods, requiring such entities to develop and implement written anti-money laundering programs. The rule establishes specific program elements including internal policies, a compliance officer, employee training, and independent audits, while explicitly excluding pawnbrokers and most retailers from the definition. The requirement for dealers to implement these programs becomes applicable on January 1, 2006, or within six months of becoming a dealer, whichever is later.
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implications. No rights, property or compensation has been, or will be taken. A takings implication assessment is not required.
6. Federalism (E.O. 13132). In
accordane with Executive Order 13132, this rule does not have federalism implications that warrant the preparation of a federalism assessment.
7. Civil Justice Reform (E.O. 12988). In
accordance with Executive Order 12988, the Office of the Solicitor has determined that this rule does not unduly burden the judicial system and meets the requirements of sections 3(a) and 3(b)(2) of the Order.
8. Consultation with Indian tribes
(E.O. 13175). In accordance with Executive Order 13175, we have evaluated this rule and determined that it has no potential negative effects on federally recognized Indian tribes. In drafting the No Child Left Behind rule published today, we consulted extensively with tribes; tribal members of the negotiated rulemaking committee participated in the writing of the rule. These conforming amendments make only changes necessary to ensure that the remainder of 25 CFR is consistent with the provisions of the No Child Left Behind rule.
9. Paperwork Reduction Act. This
regulation does not require an information collection from 10 or more parties and a submission under the Paperwork Reduction Act is not required. An OMB form 83–I is not required.
10. National Environmental Policy
Act. This rule does not constitute a major Federal action significantly affecting the quality of the human environment.
11. Justification for Issuing a Direct
Final Rule. The Department has determined that the public notice and comment provisions of the Administrative Procedure Act, 5 U.S.C. 553(b), do not apply to this rule because of the good cause exception under 5 U.S.C. 553(b)(3)(B). This exception allows the agency to suspend the notice and public procedure requirements when the agency finds for good cause that those requirements are impracticable, unnecessary, or contrary to the public interest. This rule renumbers (redesignates) certain sections of 25 CFR part 39 in order to conform to the amendments published on April 28, it makes no substantive changes. Failure to immediately make these redesignations would lead to confusion and cause errors in vital educational programs. For these reasons, public comments are unnecessary and would be impracticable. Similarly, failure to immediately make the redesignations in this rule would result in a serious disruption of the Bureau of Indian Affairs’ ability to provide necessary educational services, with accompanying confusion to employees and the public. This disruption and confusion would be contrary to public and tribal interests. For these reasons, the Department has determined it appropriate to waive the requirement of publication 30 days in advance of the effective date. As allowed by 5 U.S.C. 553(d)(3), this rule is effective immediately because it is in the public interest not to delay implementation of this amendment. List of Subjects in 25 CFR Part 39 Indians—education, Schools, Elementary and secondary education programs, Government programs— education. Dated: May 23, 2005. Michael D. Olsen, Acting Principal Deputy Assistant Secretary— Indian Affairs.
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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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FINCEN published 7 documents in the last 30 days. We email you each new one the day it's published.