[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: 31CFR598.203]



[Page 492-493]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

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

 

PART 598_FOREIGN NARCOTICS KINGPIN SANCTIONS REGULATIONS--Table of 

Contents

 

                         Subpart B_Prohibitions

 

Sec. 598.203  Prohibited transactions involving blocked property.



    (a) Except to the extent provided in regulations, orders, 

instructions, licenses, or directives issued pursuant to this part, and 

notwithstanding any contract entered into or any license or permit 

granted prior to the effective date, any transaction or dealing by a 

United States person, or within the United States, in property or 

interests in property of a specially designated narcotics trafficker is 

prohibited.

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

license expressly referring to this section, any dealing in any security 

(or evidence thereof) held within the possession or control of a U.S. 

person and either registered or inscribed in the name of or known to be 

held for the benefit of any specially designated narcotics trafficker is 

prohibited. This prohibition includes but is not limited to the



[[Page 493]]



transfer (including the transfer on the books of any issuer or agent 

thereof), disposition, transportation, importation, exportation, or 

withdrawal of any such security or the endorsement or guaranty of 

signatures on any such security.

    (c) 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.