[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: 31CFR538.503]

[Page 694]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 538--SUDANESE SANCTIONS REGULATIONS--Table of Contents
 
 Subpart E--Licenses, Authorizations, and Statements of Licensing Policy
 
Sec. 538.503  Payments and transfers to blocked accounts in U.S. financial institutions.

    Any payment of funds or transfer of credit in which the Government 
of Sudan has any interest, that comes within the possession or control 
of a U.S. financial institution, must be blocked in an account on the 
books of that financial institution. A transfer of funds or credit by a 
U.S. financial institution between blocked accounts in its branches or 
offices is authorized, provided that no transfer is made from an account 
within the United States to an account held outside the United States, 
and further provided that a transfer from a blocked account may only be 
made to another blocked account held in the same name.
    Note to Sec. 538.503: Please refer to Sec. 501.603 of this chapter 
for mandatory reporting requirements regarding financial transfers. See 
also Sec. 538.203 concerning the obligation to hold blocked funds in 
interest-bearing accounts.

[[Page 695]]