[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: 31CFR597.403]



[Page 486-487]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

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

 

PART 597_FOREIGN TERRORIST ORGANIZATIONS SANCTIONS REGULATIONS--Table 

of Contents

 

                        Subpart D_Interpretations

 

Sec. 597.403  Termination and acquisition of an interest in blocked funds.



    (a) Whenever a transaction licensed or authorized by or pursuant to 

this part results in the transfer of funds (including any interest in 

funds) away from a foreign terrorist organization or its agent, such 

funds shall no longer be deemed to be funds in which the foreign 

terrorist organization or its agent has or has had an interest, or which 

are held in the name of a foreign terrorist organization or its agent, 

unless there exists in the funds another interest of a foreign terrorist 

organization or its agent, the transfer of which has not



[[Page 487]]



been effected pursuant to license or other authorization.

    (b) Unless otherwise specifically provided in a license or 

authorization issued pursuant to this part, if funds (including any 

interest in funds) are or at any time since the effective date have been 

held by a foreign terrorist organization or its agent, or at any time 

thereafter are transferred or attempted to be transferred to a foreign 

terrorist organization or its agent, including by the making of any 

contribution to or for the benefit of a foreign terrorist organization 

or its agent, such funds shall be deemed to be funds in which there 

exists an interest of the foreign terrorist organization or its agent.