[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: 31CFR586.407]



[Page 382-383]

 

                  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 D_Interpretations

 

Sec. 586.407  Offshore transactions.



    (a) The prohibitions contained in Sec. 586.201 apply to 

transactions by any U.S. person in a location outside the United States 

with respect to property in which the U.S. person knows, or has reason 

to know, that a person whose property and interests in property are 

blocked pursuant to Sec. 586.201 has or has had an interest since the 

effective date.

    (b) Prohibited transactions include, but are not limited to, 

importation into or exportation from locations outside the United States 

of, or purchasing, selling, financing, swapping, insuring, transporting, 

lifting, storing, incorporating, transforming, brokering, or otherwise 

dealing in, within such locations, goods, technology or services in 

which the U.S. person knows, or has reason to know, that a person whose 

property and interests in property are blocked pursuant to Sec. 586.201 

has or has had an interest since the effective date.

    (c) Examples: (1) A U.S. person may not, within the United States or 

abroad, purchase, sell, finance, insure, transport, act as a broker for 

the sale or transport of, or otherwise deal in,



[[Page 383]]



furniture, shoes or other goods manufactured by a state or socially-

owned entity organized or located in the FRY (S&M).

    (2) A U.S. person may not, within the United States or abroad, 

conduct transactions of any nature whatsoever with an entity that the 

U.S. person knows or has reason to know is a state or socially-owned 

entity within the territory of the FRY (S&M), or which benefits or 

supports the business of such an entity, unless the entity is licensed 

by the Office of Foreign Assets Control to conduct such transactions 

with U.S. persons or the transaction is generally licensed in, or 

exempted from the prohibitions of, this part.



    Note to Sec. 586.407: See Sec. 586.513 with regard to the 

authorization of certain trade-related transactions.