OFAC Issues Revised Rough Diamond Control Regulations
Today the Treasury Department's Office of Foreign Assets Control published in the Federal Register a final rule revising the Rough Diamonds Control Regulations (31 CFR part 592) that implement the Clean Diamond Trade Act and the Kimberley Process Certification Scheme for rough diamonds.
The final rule revised the interim rule issue on August 4, 2003 (68 Fed. Reg. 45777) in order to make the following changes to the reporting and recordkeeping requirements of the regulations: (1) specifies that the ultimate consignee is responsible for retaining the original Kimberley Process Certificate accompanying an importation into the United States; (2) requires the ultimate consignee to report the receipt of a shipment of rough diamonds to the relevant foreign exporting authority within 15 calendar days of the date that the shipment arrived at a U.S. port of entry; (3) advises persons engaged in the diamond trade of a pending requirement of U.S. Customs and Border Protection (CBP) that customs brokers, importers, and filers making entry of a shipment of rough diamonds either submit through CBPs Automated Broker Interface (ABI) system the unique identifying number of the Kimberley Process Certificate accompanying the shipment or, for non-ABI entries, indicate the certificate number on the Customs Form 7501 Entry Summary at each entry line; (4) clarifies the country-of-origin reporting requirements for shipments of parcels of mixed origin rough diamonds; and (5) revises the regulation in order to reflect properly the basis upon which OFAC may decide to issue a prepenalty notice.
The complete text of the final rule can be found at the following link:
http://a257.g.akamaitech.net/7/257/2422/06jun20041800/edocket.access.gpo.gov/2004/04-21329.htm
|posted by Douglas N. Jacobson| Permalink 
