[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: 31CFR538.408]



[Page 191]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

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

 

PART 538_SUDANESE SANCTIONS REGULATIONS--Table of Contents

 

                        Subpart D_Interpretations

 

Sec. 538.408  Offshore transactions.



    (a) The prohibitions contained in Sec. Sec. 538.201 and 538.206 

apply to transactions by any U.S. person in a location outside the 

United States with respect to property in which the U.S. person knows, 

or has reason to know, the Government of Sudan has or has had an 

interest since the effective date, or with respect to goods, technology 

or services which the U.S. person knows, or has reason to know, are of 

Sudanese origin or owned or controlled by the Government of Sudan.

    (b) Prohibited transactions include, but are not limited to, 

importation into or exportation from locations outside the United States 

of, or purchasing, selling, financing, swapping, insuring, transporting, 

lifting, storing, incorporating, transforming, brokering, or otherwise 

dealing in, within such locations, goods, technology or services of 

Sudanese origin.

    (c) Examples. (1) A U.S. person may not, within the United States or 

abroad, purchase, sell, finance, insure, transport, act as a broker for 

the sale or transport of, or otherwise deal in, Sudanese crude oil or 

sugar refined in Sudan.

    (2) A U.S. person may not, within the United States or abroad, 

conduct transactions of any nature whatsoever with an entity that the 

U.S. person knows or has reason to know is the Government of Sudan, 

including a controlled entity or agent of that Government, or which 

benefits or supports the business of an entity located in Sudan, unless 

the entity is licensed by the Office of Foreign Assets Control to 

conduct such transactions with U.S. persons or the transaction is 

generally licensed in, or exempted from the prohibitions of, this part.