Electronic Code of Federal Regulations
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e-CFR data is current as of September 25, 2020 |
Title 31 → Subtitle B → Chapter V → Part 553 → Subpart D |
Title 31: Money and Finance: Treasury
PART 553—CENTRAL AFRICAN REPUBLIC SANCTIONS REGULATIONS
Subpart D—Interpretations
Contents
§553.401 [Reserved]
§553.402 Effect of amendment.
§553.403 Termination and acquisition of an interest in blocked property.
§553.404 Transactions ordinarily incident to a licensed transaction.
§553.405 Setoffs prohibited.
§553.406 Entities owned by a person whose property and interests in property are blocked.
Back to Top§553.401 [Reserved]
§553.402 Effect of amendment.
Unless otherwise specifically provided, any amendment, modification, or revocation of any provision in or appendix to this part or chapter or of any order, regulation, ruling, instruction, or license issued by OFAC does not affect any act done or omitted, or any civil or criminal proceeding commenced or pending, prior to such amendment, modification, or revocation. All penalties, forfeitures, and liabilities under any such order, regulation, ruling, instruction, or license continue and may be enforced as if such amendment, modification, or revocation had not been made.
§553.403 Termination and acquisition of an interest in blocked property.
(a) Whenever a transaction licensed or authorized by or pursuant to this part results in the transfer of property (including any property interest) away from a person whose property and interests in property are blocked pursuant to §553.201, such property shall no longer be deemed to be property blocked pursuant to §553.201, unless there exists in the property another interest that is blocked pursuant to §553.201, the transfer of which has not been effected pursuant to license or other authorization.
(b) Unless otherwise specifically provided in a license or authorization issued pursuant to this part, if property (including any property interest) is transferred or attempted to be transferred to a person whose property and interests in property are blocked pursuant to §553.201, such property shall be deemed to be property in which that person has an interest and therefore blocked.
§553.404 Transactions ordinarily incident to a licensed transaction.
Any transaction ordinarily incident to a licensed transaction and necessary to give effect thereto is also authorized, except:
(a) An ordinarily incident transaction, not explicitly authorized within the terms of the license, by or with a person whose property and interests in property are blocked pursuant to §553.201; or
(b) An ordinarily incident transaction, not explicitly authorized within the terms of the license, involving a debit to a blocked account or a transfer of blocked property.
§553.405 Setoffs prohibited.
A setoff against blocked property (including a blocked account), whether by a U.S. bank or other U.S. person, is a prohibited transfer under §553.201 if effected after the effective date.
§553.406 Entities owned by a person whose property and interests in property are blocked.
A person whose property and interests in property are blocked pursuant to §553.201 has an interest in all property and interests in property of an entity in which it owns, directly or indirectly, a 50 percent or greater interest. The property and interests in property of such an entity, therefore, are blocked, and such an entity is a person whose property and interests in property are blocked pursuant to §553.201, regardless of whether the name of the entity is incorporated into OFAC's Specially Designated Nationals and Blocked Persons List (SDN List).