[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: 31CFR545.503]



[Page 263]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

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

 

PART 545_TALIBAN (AFGHANISTAN) SANCTIONS REGULATIONS--Table of Contents

 

  Subpart E_Licenses, Authorizations and Statements of Licensing Policy

 

Sec. 545.503  Payments and transfers to blocked accounts in U.S. 

financial institutions.



    Any payment of funds or transfer of credit in which the Taliban or a 

person whose property or interests in property are blocked pursuant to 

Sec. 545.201 has any interest, that comes within the possession or 

control of a U.S. financial institution, must be blocked in an account 

on the books of that financial institution. A transfer of funds or 

credit by a U.S. financial institution between blocked accounts in its 

branches or offices is authorized, provided that no transfer is made 

from an account within the United States to an account held outside the 

United States, and further provided that a transfer from a blocked 

account may only be made to another blocked account held in the same 

name.



    Note to Sec. 545.503. Please refer to Sec. 501.603 of this chapter 

for mandatory reporting requirements regarding financial transfers. See 

also Sec. 545.203 concerning the obligation to hold blocked funds in 

interest bearing accounts.