Finding that JSC CredexBank Is a Financial Institution of Primary Money Laundering Concern

1Therefore, references to the authority of the Secretary of the Treasury under section 311 of the USA PATRIOT Act apply equally to the Director of FinCEN. 2 31 U.S.C. 5318A(c)(2). 3See Section II,D below for an additional factor relevant to this action. Affairs, Office of Management and Budget, Attention: Desk Officer for Treasury, New Executive Office Building, Room 10235, Washington, DC 20503, or email at OIRA_Submission@ OMB.EOP.GOV and (2) Treasury PRA Clearance Officer, 1750 Pennsylvania Ave. NW., Suite 8140, Washington, DC 20220, or at PRA@treasury.gov. FOR FURTHER INFORMATION CONTACT:
Copies of the submission(s) may be obtained by calling (202) 927–5331, email at PRA@treasury.gov, or the entire information collection request maybe found at www.reginfo.gov. Bureau of the Public Debt (BPD) OMB Number: 1535–0012. Type of Review: Extension without change of a currently approved collection. Title: Request by Fiduciary for Reissue of United States Savings Bonds. Form: PD F 1455. Abstract: Used by fiduciary to request distribution of U.S. Savings Bonds to the person(s) entitled. Affected Public: Individuals or Households. Estimated Total Burden Hours: 8,850. OMB Number: 1535–0013. Type of Review: Revision of a currently approved collection. Title: Claim for Lost, Stolen or Destroyed U.S. Savings Bonds and Supplemental Statement For U.S. Securities. Form: PD F 1048; PD F 2243. Abstract: Used by owner or others having knowledge to request substitutes securities or payment of lost, stolen or destroyed securities. Affected Public: Individuals or Households. Estimated Total Burden Hours:
24,000.
OMB Number: 1535–0136.
Type of Review: Revision of a currently approved collection. Title: Application for Refund of Purchase Price of United States Savings Bonds for Organizations. Form: PD F 5410. Abstract: Used by an organization to request refund of purchase price of United States Savings Bonds. Affected Public: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 50.
Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2012–12776 Filed 5–24–12; 8:45 am] BILLING CODE 4810–39–P DEPARTMENT OF THE TREASURY Finding That JSC CredexBank Is a Financial Institution of Primary Money Laundering Concern AGENCY: The Financial Crimes Enforcement Network (‘‘FinCEN’’), Treasury. ACTION: Notice of finding. SUMMARY: Pursuant to the authority contained in 31 U.S.C. 5318A, the Secretary of the Treasury, through his delegate, the Director of FinCEN, finds that reasonable grounds exist for concluding that JSC CredexBank is a financial institution of primary money laundering concern. DATES: The finding made in this notice is effective as of May 25, 2012. FOR FURTHER INFORMATION CONTACT:
Regulatory Policy and Programs Division, FinCEN, (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 (the ‘‘USA PATRIOT Act’’), Public Law 107–56. Title III of the USA PATRIOT Act amends the anti-money laundering provisions of the Bank Secrecy Act (‘‘BSA’’), codified at 12 U.S.C. 1829b and 1951–1959, and 31 U.S.C. 5311–5314 and 5316–5332, to promote prevention, detection, and prosecution of international money laundering and the financing of terrorism. Regulations implementing the BSA appear at 31 CFR Chapter X. The authority of the Secretary of the Treasury (‘‘the Secretary’’) to administer the BSA and its implementing regulations has been delegated to the Director of FinCEN.1
Section 311 of the USA PATRIOT Act
(‘‘section 311’’) added 31 U.S.C. section 5318A to the BSA, granting the Secretary the authority, upon 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 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 the Secretary may conclude that a jurisdiction, institution, class of transaction, or type of account is of primary money laundering concern. The statute also provides similar procedures, i.e., 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. Through the imposition of various special measures, the Secretary can gain more information about the jurisdictions, institutions, transactions, or accounts of concern; can more effectively monitor the respective jurisdictions, institutions, transactions, or accounts; or can prohibit 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 financial institution is of primary money laundering concern, the Secretary is required to consult with both the Secretary of State and the Attorney General. The Secretary is also required by section 311, as amended, to consider ‘‘such information as the Secretary determines to be relevant, including the following potentially relevant factors:’’ 2

• The extent to which such financial
  institutions, transactions, or types of accounts are used to facilitate or promote money laundering in or through the jurisdiction, including any money laundering activity by organized criminal groups, international terrorists, or entities involved in the proliferation of weapons of mass destruction or missiles;
• The extent to which such
  institutions, transactions, or types of accounts are used for legitimate business purposes in the jurisdiction; and
• The extent to which such action is
  sufficient to ensure, with respect to transactions involving the jurisdiction and institutions operating in the jurisdiction, that the purposes of this subchapter continue to be fulfilled, and to guard against international money laundering and other financial crimes.3 If the Secretary determines that reasonable grounds exist for concluding that a financial institution is of primary