[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR515.201]

[Page 579]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 515--CUBAN ASSETS CONTROL REGULATIONS--Table of Contents
 
                         Subpart B--Prohibitions
 
Sec. 515.201  Transactions involving designated foreign countries or their nationals; effective date.


    (a) All of the following transactions are prohibited, except as 
specifically authorized by the Secretary of the Treasury (or any person, 
agency, or instrumentality designated by him) by means of regulations, 
rulings, instructions, licenses, or otherwise, if either such 
transactions are by, or on behalf of, or pursuant to the direction of a 
foreign country designated under this part, or any national thereof, or 
such transactions involve property in which a foreign country designated 
under this part, or any national thereof, has at any time on or since 
the effective date of this section had any interest of any nature 
whatsoever, direct or indirect:
    (1) All transfers of credit and all payments between, by, through, 
or to any banking institution or banking institutions wheresoever 
located, with respect to any property subject to the jurisdiction of the 
United States or by any person (including a banking institution) subject 
to the jurisdiction of the United States;
    (2) All transactions in foreign exchange by any person within the 
United States; and
    (3) The exportation or withdrawal from the United States of gold or 
silver coin or bullion, currency or securities, or the earmarking of any 
such property, by any person within the United States.
    (b) All of the following transactions are prohibited, except as 
specifically authorized by the Secretary of the Treasury (or any person, 
agency, or instrumentality designated by him) by means of regulations, 
rulings, instructions, licenses, or otherwise, if such transactions 
involve property in which any foreign country designated under this 
part, or any national thereof, has at any time on or since the effective 
date of this section had any interest of any nature whatsoever, direct 
or indirect:
    (1) All dealings in, including, without limitation, transfers, 
withdrawals, or exportations of, any property or evidences of 
indebtedness or evidences of ownership of property by any person subject 
to the jurisdiction of the United States; and
    (2) All transfers outside the United States with regard to any 
property or property interest subject to the jurisdiction of the United 
States.
    (c) Any transaction for the purpose or which has the effect of 
evading or avoiding any of the prohibitions set forth in paragraph (a) 
or (b) of this section is hereby prohibited.
    (d) For the purposes of this part, the term foreign country 
designated under this part and the term designated foreign country mean 
Cuba and the term effective date and the term effective date of this 
section mean with respect to Cuba, or any national thereof, 12:01 a.m., 
e.s.t., July 8, 1963.
    (e) When a transaction results in the blocking of funds at a banking 
institution pursuant to this section and a party to the transaction 
believes the funds have been blocked due to mistaken identity, that 
party may seek to have such funds unblocked pursuant to the 
administrative procedures set forth in Sec. 501.806 of this chapter.

[28 FR 6974, July 9, 1963, as amended at 62 FR 45106, Aug. 25, 1997]