[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR500.201]

[Page 523-524]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 500_FOREIGN ASSETS CONTROL REGULATIONS--Table of Contents
 
                         Subpart B_Prohibitions
 
Sec. 500.201  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 
any designated foreign country, or any national thereof, or such 
transactions involve property in which any designated foreign country, 
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 designated foreign country, 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) The term ``designated foreign country'' means a foreign country 
in the following schedule, and the terms ``effective date'' and 
``effective date of this section'' mean with respect to any designated 
foreign country, or any national thereof, 12:01 a.m. eastern standard 
time of the date specified in the following schedule, except as 
specifically noted after the country or area.

[[Page 524]]

                                Schedule

    (1) North Korea, i.e., Korea north of the 38th parallel of north 
latitude: December 17, 1950.
    (2) Cambodia: April 17, 1975.
    (3) North Vietnam; i.e., Vietnam north of the 17th parallel of north 
latitude: May 5, 1964.
    (4) South Vietnam, i.e., Vietnam south of the 17th parallel of north 
latitude: April 30, 1975, at 12:00 p.m. e.d.t.

    (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.

[15 FR 9040, Dec. 19, 1950, as amended at 18 FR 2079, Apr. 14, 1953; 50 
FR 27436, July 3, 1985; 62 FR 45101, Aug. 25, 1997]