Withdrawal of Finding and Notice of Proposed Rulemaking Regarding Banca Privada d'Andorra

1 80 FR 13,464 (Mar. 13, 2015).

• Par. 6. Section 1.6662–8 is added to
  read as follows:
  § 1.6662–8 Inconsistent estate basis reporting. (a) In general. Section 6662(a) and (b)(8) impose an accuracy-related penalty on the portion of any underpayment of tax required to be shown on a return that is attributable to an inconsistent estate basis. (b) Inconsistent estate basis. In accordance with section 6662(k), there is an inconsistent estate basis to the extent that a taxpayer claims a basis, without regard to the adjustments described in § 1.1014–10(a)(2), in property described in paragraph (c) of this section that exceeds that property’s final value as determined under § 1.1014–10(c). (c) Applicable property. The property to which this section applies is property described in § 1.1014–10(b) that is reported or required to be reported on a return required by section 6018 filed after July 31, 2015. (d) Effective/applicability date. Upon the publication of the Treasury Decision adopting these rules as final in the Federal Register, this section will apply to property described in § 1.1014–10(b) acquired from a decedent or by reason of the death of a decedent whose return required by section 6018 is filed after July 31, 2015. Persons may rely upon these rules before the date of publication of the Treasury Decision adopting these rules as final in the Federal Register.
  PART 301—PROCEDURE AND
  ADMINISTRATION
• Par. 7. The authority citation for part
  301 continues to read in part as follows:
  Authority: 26 U.S.C. 7805 * * *
• Par. 8. Section 301.6721–1 is
  amended by removing the word ‘‘or’’ at the end of paragraph (g)(2)(x), removing the period and adding ‘‘; or’’ at the end of paragraph (g)(2)(xi), and adding paragraph (g)(2)(xii). The addition reads as follows:
  § 301.6721–1 Failure to file correct information returns.

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(g) * * *
(2) * * *
(xii) Section 6035 (relating to basis of property acquired from decedents).

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• Par. 9. Section 301.6722–1 is
  amended by removing the word ‘‘or’’ at the end of paragraph (d)(2)(xxxiii), removing the period and adding a semi￾colon in its place followed by the word ‘‘or’’ at the end of paragraph (d)(2)(xxxiv), and adding paragraph (d)(2)(xxxv). The addition reads as follows:
  § 301.6722–1 Failure to furnish correct payee statements.

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(d) * * *
(2) * * *
(xxxv) Section 6035 (relating to basis of property acquired from decedents).

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John Dalrymple,
Deputy Commissioner for Services and Enforcement. [FR Doc. 2016–04718 Filed 3–2–16; 4:15 pm] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Financial Crimes Enforcement Network 31 CFR Part 1010 RIN 1506–AB30 Financial Crimes Enforcement Network; Withdrawal of Notice of Proposed Rulemaking Regarding Banca Privada d’Andorra AGENCY: Financial Crimes Enforcement Network (‘‘FinCEN’’), Treasury. ACTION: Withdrawal of notice of proposed rulemaking. SUMMARY: This document withdraws FinCEN’s notice of proposed rulemaking seeking to impose the fifth special measure regarding Banca Privada d’Andorra (‘‘BPA’’), pursuant to Section 311 of the USA PATRIOT Act (‘‘Section 311’’), codified at 31 U.S.C. 5318A. Because of material subsequent developments that have mitigated the money laundering risks associated with BPA, FinCEN has determined that BPA is no longer a primary money laundering concern that warrants the implementation of a special measure under Section 311. Elsewhere in this issue of the Federal Register, FinCEN is publishing a withdrawal of the related finding regarding BPA. DATES: The notice of proposed rulemaking is withdrawn as of March 4, 2016. FOR FURTHER INFORMATION CONTACT: The FinCEN Resource Center at (800) 767– 2825. SUPPLEMENTARY INFORMATION:
I. Background
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 (‘‘the USA PATRIOT Act’’). 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, 12 U.S.C. 1951–1959, and 31 U.S.C. 5311– 5314, 5316–5332, to promote the 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 to administer the BSA and its implementing regulations has been delegated to the Director of FinCEN.
Section 311 of the USA PATRIOT Act
(‘‘Section 311’’) grants the Director of FinCEN the authority, upon finding that reasonable grounds exist for concluding that a foreign jurisdiction, foreign financial 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’’ to address the primary money laundering concern. The special measures enumerated under Section 311 are prophylactic safeguards that defend the U.S. financial system from money laundering and terrorist financing. FinCEN may impose one or more of these special measures in order to protect the U.S. financial system from these threats. To that end, special measures one through four, codified at 31 U.S.C. 5318A(b)(1)–(b)(4), impose additional recordkeeping, information collection, and information reporting requirements on covered U.S. financial institutions. The fifth special measure, codified at 31 U.S.C. 5318A(b)(5), allows the Director to prohibit or impose conditions on the opening or maintaining of correspondent or payable-through accounts by covered U.S. financial institutions.
II. The Finding and Notice of Proposed
Rulemaking
On March 13, 2015, FinCEN provided notice in the Federal Register that it had found Banca Privada d’Andorra (‘‘BPA’’), a bank headquartered in Andorra, to be of primary money laundering concern.1 Based on the finding, FinCEN also published on March 13, 2015 a notice of proposed rulemaking (‘‘NPRM’’) proposing the imposition of the fifth special measure with respect to BPA, and invited public