[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: 31CFR585.201]



[Page 350-351]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

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

 

PART 585_FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA AND MONTENEGRO) AND 

 

                         Subpart B_Prohibitions

 

Sec. 585.201  Prohibited transactions involving blocked property; 

transactions with respect to securities.





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

rulings, instructions, licenses, or otherwise, and notwithstanding the 

existence of any rights or obligations conferred or imposed by any 

international agreement or any contract entered into or any license or 

permit granted before 11:59 p.m. Eastern Daylight Time (``EDT''), May 

30, 1992, no property or interest in property of the Government of the 

FRY (S&M), or that is held in the name of the Federal Republic of 

Yugoslavia or the former Government of the Socialist Federal Republic of 

Yugoslavia, that is in the United States, that hereafter comes within 

the United States, or that is or hereafter comes within the possession 

or control of U.S. persons, including their overseas branches, may be 

transferred, paid, exported, withdrawn or otherwise dealt in.

    (b) Except as otherwise authorized, and notwithstanding the 

existence of any rights or obligations conferred or imposed by any 

international agreement or any contract entered into or any license or 

permit granted before 12:01 a.m. EDT, April 26, 1993, no property or 

interest in property of any commercial, industrial, or public utility 

undertakings or entities organized or located in the Federal Republic of 

Yugoslavia (Serbia and Montenegro), including, without limitation, the 

property and all interests in property of entities (wherever organized 

or located) owned or controlled by such undertakings or entities, 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 United 

States persons, including their overseas branches, may be transferred, 

paid, exported, withdrawn or otherwise dealt in.

    (c) Except as otherwise authorized, and notwithstanding the 

existence of any rights or obligations conferred or imposed by any 

international agreementor any contract entered into or any licence or 

permit granted before 11:59 p.m. EDT, October 25, 1994, no property or 

interest in property of the following persons that is in the United 

States, that hereafter comes within the United States, or that is or 

hereafter comes within the possession or control of United States 

persons, including their overseas branches, may be transferred, paid, 

exported, withdrawn, or otherwise dealt in:

    (1) The Bosnian Serb military and paramilitary forces and the 

authorities in those areas of the Republic of Bosnia and Herzegovina 

under the control of those forces;

    (2) Any entity, including any commercial, industrial, or public 

utility undertaking, organized or located in those areas of the Republic 

of Bosnia and Herzegovina under the control of Bosnian Serb forces;

    (3) Any entity, wherever organized or located, which is owned or 

controlled directly or indirectly by any person in, or resident in, 

those areas of the Republic of Bosnia and HErzegovona



[[Page 351]]



under the control of Bosnian Serb forces; and

    (4) Any person acting for or on behalf of any person included within 

the scope of paragraphs (c)(1), (2), or (3) of this section.



    Note to Sec. 585.201(c):Please refer to the appendices at the end 

of this chapter for listings of persons designated pursuant to this 

section. Section 501.807 of this chapter sets forth the procedures to be 

followed by persons seeking administrative reconsideration of their 

designation or that of a vessel as blocked, or who wish to assert that 

the circumstances resulting in the designation are no longer applicable.



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

license expressly referring to this section, the transfer (including the 

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

or guaranty of signatures on, or any other dealing in any security (or 

evidence thereof) registered or inscribed in the name of the Government 

of the Federal Republic of Yugoslavia or the former Government of the 

Socialist Federal Republic of Yugoslavia and held within the possession 

or control of a U.S. person is prohibited, irrespective of the fact that 

at any time either at or subsequent to the effective date the registered 

or inscribed owner thereof may have, or appears to have, assigned, 

transferred, or otherwise disposed of any such security.

    (e) 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 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.



[58 FR 13201, Mar. 10, 1993, as amended at 58 FR 35828, July 1, 1993; 60 

FR 34145, June 30, 1995; 61 FR 32938, June 26, 1996; 62 FR 45110, Aug. 

25, 1997]