[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: 31CFR541.201]



[Page 226-227]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

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

 

PART 541_ZIMBABWE SANCTIONS REGULATIONS--Table of Contents

 

                         Subpart B_Prohibitions

 

Sec. 541.201  Prohibited transactions involving blocked property.





    (a) Except as authorized by regulations, orders, directives, 

rulings, instructions, licenses or otherwise, and notwithstanding any 

contracts entered into or any license or permit granted prior to the 

effective date, property or interests in property of the following 

persons that are in the United States, that hereafter come within the 

United States, or that are or hereafter come within the possession or 

control of U.S. persons, including their overseas branches, are blocked 

and may not be transferred, paid, exported, withdrawn or otherwise dealt 

in:

    (1) Any person listed in the Annex to Executive Order 13288 of March 

6, 2003 (68 FR 11457, March 10, 2003); and

    (2) Any person determined by the Secretary of the Treasury, in 

consultation with the Secretary of State, to be owned or controlled by, 

or acting or purporting to act directly or indirectly for or on behalf 

of, any person listed in the Annex to Executive Order 13288.

    Note to paragraph (a) of Sec. 541.201: The names of persons whose 

property or interests in property are blocked pursuant to paragraph (a) 

of this section will be published on OFAC's Web site, announced in the 

Federal Register and incorporated on an ongoing basis with the 

identifier [ZIMBABWE] into appendix A to 31 CFR chapter V. Section 

501.807 of this chapter V sets forth the procedures to be followed by 

persons seeking administrative reconsideration of their designation 

pursuant to paragraph (a)(2) of this



[[Page 227]]



section or who wish to assert that the circumstances resulting in 

designation no longer apply. Similarly, when a transaction results in 

the blocking of funds at a financial institution pursuant to this 

section and a party to the transaction believes the funds to 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.

    (b) Unless otherwise authorized by this part or by a specific 

license expressly referring to this section, any dealing in any security 

(or evidence thereof) held within the possession or control of a U.S. 

person and either registered or inscribed in the name of or known to be 

held for the benefit of any person whose property or interests in 

property are blocked pursuant to paragraph (a) of this section is 

prohibited. This prohibition includes but is not limited to the transfer 

(including the transfer on the books of any issuer or agent thereof), 

disposition, transportation, importation, exportation, or withdrawal of 

any such security or the endorsement or guaranty of signatures on any 

such security. This prohibition applies irrespective of the fact that at 

any time (whether prior to, on, or subsequent to the effective date) the 

registered or inscribed owner of any such security may have or might 

appear to have assigned, transferred, or otherwise disposed of the 

security.