[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: 31CFR541.409]



[Page 233]

 

                  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 D_Interpretations

 

Sec. 541.409  Setoffs prohibited.



    A setoff against blocked property (including a blocked account), 

whether by a U.S. bank or other U.S. person, is a prohibited transfer 

under Sec. 541.201 if effected after the effective date.