[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: 31CFR597.404]



[Page 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. 597.404  Setoffs prohibited.



    A setoff against blocked funds (including a blocked account) by a 

U.S. financial institution is a prohibited transaction under Sec. 

597.201 if effected after the effective date.