[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: 31CFR500.406]



[Page 20]

 

                  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 D_Interpretations

 

Sec. 500.406  Drafts under irrevocable letters of credit; documentary 

drafts.



    Section 500.201 prohibits the presentation, acceptance or payment 

of:

    (a) Drafts or other orders for payment drawn under irrevocable 

letters of credit issued in favor or on behalf of any designated 

national;

    (b) Drafts or other orders for payment, in which any designated 

national has on or since the ``effective date'' had any interest, drawn 

under any irrevocable letter of credit; and

    (c) Documentary drafts in which any designated national has on or 

since the ``effective date'' had any interest.