[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: 31CFR515.201]



[Page 87-88]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY

 

PART 515_CUBAN ASSETS CONTROL REGULATIONS--Table of Contents

 

                         Subpart B_Prohibitions

 

Sec. 515.201  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 a 

foreign country designated under this part, or any national thereof, or 

such transactions involve property in which a foreign country designated 

under this part, 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,



[[Page 88]]



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 foreign country designated under this 

part, 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) For the purposes of this part, the term foreign country 

designated under this part and the term designated foreign country mean 

Cuba and the term effective date and the term effective date of this 

section mean with respect to Cuba, or any national thereof, 12:01 a.m., 

e.s.t., July 8, 1963.

    (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.



[28 FR 6974, July 9, 1963, as amended at 62 FR 45106, Aug. 25, 1997]