[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: 31CFR598.403]



[Page 497]

 

                  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 D_Interpretations

 

Sec. 598.403  Termination and acquisition of an interest in blocked 

property.



    (a) Whenever a transaction licensed pursuant to this part results in 

the transfer of property (including any property interest) away from a 

specially designated narcotics trafficker, the transferred property will 

no longer be considered property in which that person has or has had an 

interest. Provided no other specially designated narcotics trafficker 

has any interest in the transferred property following the transfer, the 

transferred property will no longer be considered property blocked 

pursuant to Sec. 598.202.

    (b) Unless otherwise specifically provided in a license issued 

pursuant to this part, if property (including any property interest) is 

transferred or attempted to be transferred to a specially designated 

narcotics trafficker, such property shall be deemed to be property in 

which that person has an interest, and such property is therefore 

blocked pursuant to Sec. 598.202.