[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: 31CFR586.201]



[Page 375-376]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

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

 

PART 586_FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA & MONTENEGRO) KOSOVO 

SANCTIONS REGULATIONS--Table of Contents

 

                         Subpart B_Prohibitions

 

Sec. 586.201  Prohibited transactions involving blocked property.





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

rulings, instructions, licenses, or otherwise, no property or interests 

in property of the Governments of the FRY (S&M), the Republic of Serbia, 

and the Republic of Montenegro, 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overseas branches, may be transferred, paid, exported, withdrawn or 

otherwise dealt in.



    Note to paragraph (a) of Sec. 586.201: See note at end of this 

section with regard to the lifting of certain sanctions effective 

January 19, 2001.



    (b) The blocking of property and property interests in paragraph (a) 

of this section includes the prohibition of financial transactions with, 

including trade financing for, the Governments of the FRY (S&M), the 

Republic of Serbia, and the Republic of Montenegro by United States 

persons.



    Note to paragraph (b) of Sec. 586.201: See note at end of this 

section with regard to the lifting of certain sanctions effective 

January 19, 2001.



    (c) Property or interests in property blocked pursuant to Executive 

Order 13088 of June 9, 1998, as amended by Executive Order 13121 of 

April 30, 1999, and this part prior to 12:01 a.m. eastern standard time, 

January 19, 2001, are blocked, and may not be transferred, paid, 

exported or otherwise dealt in except as otherwise authorized by the 

Secretary of the Treasury.



    Note to paragraph (c) of Sec. 586.201: See note at end of this 

section with regard to the lifting of certain sanctions effective 

January 19, 2001.



    (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), disposition, 

transportation, importation, exportation, or withdrawal of, or the 

endorsement or guaranty of signatures on, or otherwise dealing in any 

security (or evidence thereof) registered or inscribed in the name of 

the Governments of the FRY (S&M), the Republic of Serbia, and the 

Republic of Montenegro, and held within the possession or control of a 

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



[[Page 376]]



at any time (either prior to, on, 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.



    Note to paragraph (d) of Sec. 586.201: See note at end of this 

section with regard to the lifting of certain sanctions effective 

January 19, 2001.



    (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.



    Note to Sec. 586.201: Section 1(a) of Executive Order 13192 of 

January 17, 2001 (66 FR 7379, January 23, 2001), amended Executive Order 

13088 of June 9, 1998 (63 FR 32109, June 12, 1998), to remove 

prospectively the prohibition on transactions that involve blocked 

property and interests in property of the Governments of the FRY(S&M), 

the Republic of Serbia, and the Republic of Montenegro. Consequently, 

with the exception of transactions involving property or interests in 

property of persons designated in or pursuant to 31 CFR Sec. 

587.201(a), transactions or transfers by U.S. persons that involve the 

property or interests in property of the FRY(S&M) and that occur on or 

after January 19, 2001, are not prohibited by Sec. Sec. 586.201(a), 

(b), or (d). Executive Order 13088, as amended by Executive Order 13192, 

however, also requires that all property or interests in property 

blocked pursuant to Executive Order 13088 prior to January 19, 2001, 

shall remain blocked, except as otherwise authorized by the Secretary of 

the Treasury. See Sec. 586.201(c). The continued blocking of previously 

blocked property is necessary until provision is made to address claims 

or encumbrances with respect to such property.



[63 FR 54576, Oct. 13, 1998, as amended at 66 FR 50509, Oct. 3, 2001]