[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: 31CFR575.403]

[Page 810-811]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 575--IRAQI SANCTIONS REGULATIONS--Table of Contents
 
                       Subpart D--Interpretations
 
Sec. 575.403  Termination and acquisition of an interest of the Government of Iraq.

    (a) Whenever a transaction licensed or authorized by or pursuant to 
this part results in the transfer of property

[[Page 811]]

(including any property interest) from the Government of Iraq, such 
property shall no longer be deemed to be property in which the 
Government of Iraq has or has had an interest unless there exists in the 
property another such interest, 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 the 
Government of Iraq, such property shall be deemed to be property in 
which there exists an interest of the Government of Iraq.