[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: 31CFR535.212]



[Page 140]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

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

 

PART 535_IRANIAN ASSETS CONTROL REGULATIONS--Table of Contents

 

                         Subpart B_Prohibitions

 

Sec. 535.212  Direction to transfer property in which Iran or an Iranian 



entity has an interest by branches and offices of United States banks 

located outside 

          the United States.



    (a) Any branch or office of a United States bank or subsidiary 

thereof, which branch, office or subsidiary is located outside the 

territory of the United States, and which, on or after 8:10 a.m., 

e.s.t., on November 14, 1979:

    (1) Has been or is in possession of funds or securities legally or 

beneficially owned by the Government of Iran or its agencies, 

instrumentalities, or controlled entities, or

    (2) Has carried or is carrying on its books deposits standing to the 

credit of or beneficially owned by such government, its agencies, 

instrumentalities or controlled entities, is licensed, authorized, 

directed and compelled to transfer such funds, securities and deposits, 

held on January 19, 1981, including interest from November 14, 1979, at 

commercially reasonable rates, to the account of the Federal Reserve 

Bank of New York, as fiscal agent of the U.S., at the Bank of England, 

to be held or transferred as directed by the Secretary of the Treasury. 

The funds, securities and deposits described in this section shall be 

further transferred as provided for in the Declarations of the 

Government of the Democratic and Popular Republic of Algeria and the 

Undertakings of the Government of the United States of America and the 

Government of the Islamic Republic of Iran with respect to the 

Declaration.

    (b) Any banking institution subject to the jurisdiction of the 

United States that has executed a set-off on or after 8:10 a.m., e.s.t., 

November 14, 1979, against Iranian funds, securities or deposits 

referred to in paragraph (a) of this section is hereby licensed, 

authorized, directed and compelled to cancel such set-off and to 

transfer all funds, securities and deposits which have been subject to 

such set-off, including interest from November 14, 1979, at commercially 

reasonable rates, pursuant to the provisions of paragraph (a) of this 

section.



(Secs. 201-207, 91 Stat. 1626, 50 U.S.C. 1701-1706; E.O. 12170, 44 FR 

65729; E.O. 12205, 45 FR 24099; E.O. 12211, 45 FR 26685; E.O. 12276, 46 

FR 7913; E.O. 12279, 46 FR 7919; E.O. 12280, 46 FR 7921; E.O. 12281, 46 

FR 7923; E.O. 12282, 46 FR 7925; E.O. 12283, 46 FR 7927, and E.O. 12294, 

46 FR 14111)



[46 FR 14333, Feb. 26, 1981]