Source: https://www.ecfr.gov/cgi-bin/text-idx?mc=true&node=pt31.3.554&rgn=div5
Timestamp: 2019-12-11 04:44:26
Document Index: 45851154

Matched Legal Cases: ['art 554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§501', '§554', '§554', '§554', '§554', '§554', '§554', '§554', '§554']

Title 31 → Subtitle B → Chapter V → Part 554
§554.101 Relation of this part to other laws and regulations.
§554.201 Prohibited transactions.
§554.202 Effect of transfers violating the provisions of this part.
§554.204 Expenses of maintaining blocked property; liquidation of blocked property.
§554.300 Applicability of definitions.
§554.301 Blocked account; blocked property.
§554.302 Effective date.
§554.303 Entity.
§554.304 Financial, material, or technological support.
§554.305 Interest.
§554.306 Licenses; general and specific.
§554.307 OFAC.
§554.308 Person.
§554.309 Property; property interest.
§554.310 Transfer.
§554.311 United States.
§554.312 United States person; U.S. person.
§554.313 U.S. financial institution.
§554.401 [Reserved]
§554.402 Effect of amendment.
§554.403 Termination and acquisition of an interest in blocked property.
§554.404 Transactions ordinarily incident to a licensed transaction.
§554.405 Setoffs prohibited.
§554.406 Entities owned by one or more persons whose property and interests in property are blocked.
Subparts F and G [Reserved]
§554.801 [Reserved]
§554.802 Delegation by the Secretary of the Treasury.
Source: 81 FR 19878, Apr. 6, 2016, unless otherwise noted.
Note to §554.101: This part has been published in abbreviated form for the purpose of providing immediate guidance to the public. OFAC intends to supplement this part with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance and additional general licenses and statements of licensing policy.
Note 1 to §554.201: The names of persons listed in or designated pursuant to Executive Order 13712, whose property and interests in property therefore are blocked pursuant to this section, are published in the Federal Register and incorporated into OFAC's Specially Designated Nationals and Blocked Persons List (SDN List) with the identifier “[BURUNDI].” The SDN List is accessible through the following page on OFAC's Web site: www.treasury.gov/sdn. Additional information pertaining to the SDN List can be found in Appendix A to this chapter. See §554.406 concerning entities that may not be listed on the SDN List but whose property and interests in property are nevertheless blocked pursuant to this section.
Note 2 to §554.201: The International Emergency Economic Powers Act (50 U.S.C. 1701-1706), in Section 203 (50 U.S.C. 1702), authorizes the blocking of property and interests in property of a person during the pendency of an investigation. The names of persons whose property and interests in property are blocked pending investigation pursuant to this section also are published in the Federal Register and incorporated into the SDN List with the identifier “[BPI-BURUNDI]”.
Note 3 to §554.201: Sections 501.806 and 501.807 of this chapter describe the procedures to be followed by persons seeking, respectively, the unblocking of funds that they believe were blocked due to mistaken identity, or administrative reconsideration of their status as persons whose property and interests in property are blocked pursuant to this section.
(a) Any transfer after the effective date that is in violation of any provision of this part or of any regulation, order, directive, ruling, instruction, or license issued pursuant to this part, and that involves any property or interest in property blocked pursuant to §554.201, is null and void and shall not be the basis for the assertion or recognition of any interest in or right, remedy, power, or privilege with respect to such property or property interest.
(b) No transfer before the effective date shall be the basis for the assertion or recognition of any right, remedy, power, or privilege with respect to, or any interest in, any property or interest in property blocked pursuant to §554.201, unless the person who holds or maintains such property, prior to that date, had written notice of the transfer or by any written evidence had recognized such transfer.
(e) Unless licensed pursuant to this part, any attachment, judgment, decree, lien, execution, garnishment, or other judicial process is null and void with respect to any property and interests in property blocked pursuant to §554.201.
(a) Except as otherwise authorized, and notwithstanding the existence of any rights or obligations conferred or imposed by any international agreement or contract entered into or any license or permit granted prior to the effective date, all expenses incident to the maintenance of physical property blocked pursuant to §554.201 shall be the responsibility of the owners or operators of such property, which expenses shall not be met from blocked funds.
(b) Property blocked pursuant to §554.201 may, in the discretion of OFAC, be sold or liquidated and the net proceeds placed in a blocked interest-bearing account in the name of the owner of the property.
The terms blocked account and blocked property shall mean any account or property subject to the prohibitions in §554.201 held in the name of a person whose property and interests in property are blocked pursuant to §554.201, or in which such person has an interest, and with respect to which payments, transfers, exportations, withdrawals, or other dealings may not be made or effected except pursuant to a license or other authorization from OFAC expressly authorizing such action.
Note to §554.301: See §554.406 concerning the blocked status of property and interests in property of an entity that is 50 percent or more owned by one or more persons whose property and interests in property are blocked pursuant to §554.201.
(b) With respect to a person whose property and interest in property are otherwise blocked pursuant to §554.201, the earlier of the date of actual or constructive notice that such person's property and interests in property are blocked.
Note to §554.306: See §501.801 of this chapter on licensing procedures.
(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 §554.201, such property shall no longer be deemed to be property blocked pursuant to §554.201, unless there exists in the property another interest that is blocked pursuant to §554.201, the transfer of which has not been effected pursuant to license or other authorization.
(b) Unless otherwise specifically provided in a license or other 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 §554.201, such property shall be deemed to be property in which such person has an interest and therefore blocked.
(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 §554.201; or
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 §554.201 if effected after the effective date.
Persons whose property and interests in property are blocked pursuant to §554.201 have an interest in all property and interests in property of an entity in which such blocked persons own, whether individually or in the aggregate, 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 §554.201, regardless of whether the name of the entity is incorporated into OFAC's Specially Designated Nationals and Blocked Persons List (SDN List).