[Code of Federal Regulations]

[Title 31, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR500.201]



[Page 9-10]

 

                  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 10]]



                                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]