Source: https://www.law.cornell.edu/cfr/text/31/570.203
Timestamp: 2017-05-27 06:47:04
Document Index: 453682666

Matched Legal Cases: ['art 570', '§ 570', '§ 570', '§ 570', '§ 570', '§ 570']

31 CFR 570.203 - Holding of funds in interest-bearing accounts; investment and reinvestment. | US Law | LII / Legal Information Institute
CFR › Title 31 › Subtitle B › Chapter V › Part 570 › Subpart B › Section 570.203 31 CFR 570.203 - Holding of funds in interest-bearing accounts; investment and reinvestment.
§ 570.203 Holding of funds in interest-bearing accounts; investment and reinvestment.
(a) Except as provided in paragraphs (e) or (f) of this section, or as otherwise directed by the Office of Foreign Assets Control, any U.S. person holding funds, such as currency, bank deposits, or liquidated financial obligations, subject to § 570.201 shall hold or place such funds in a blocked interest-bearing account located in the United States.
(e) Blocked funds held in instruments the maturity of which exceeds 180 days at the time the funds become subject to § 570.201 may continue to be held until maturity in the original instrument, provided any interest, earnings, or other proceeds derived therefrom are paid into a blocked interest-bearing account in accordance with paragraphs (a) or (f) of this section.
(f) Blocked funds held in accounts or instruments outside the United States at the time the funds become subject to § 570.201 may continue to be held in the same type of accounts or instruments, provided the funds earn interest at rates that are commercially reasonable.
(h) Funds subject to this section may not be held, invested, or reinvested in a manner that provides immediate financial or economic benefit or access to any person whose property and interests in property are blocked pursuant to § 570.201, nor may their holder cooperate in or facilitate the pledging or other attempted use as collateral of blocked funds or other assets.