[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: 31CFR598.504]



[Page 499]

 

                  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 E_Licenses, Authorizations, and Statements of Licensing Policy

 

Sec. 598.504  Payments and transfers to blocked accounts in U.S. 

financial institutions.



    Any payment of funds or transfer of credit in which a specially 

designated narcotics trafficker has any interest that comes within the 

possession or control of a U.S. financial institution must be blocked in 

an account on the books of that financial institution. A transfer of 

funds or credit by a U.S. financial institution between blocked accounts 

in its branches or offices is authorized, provided that no transfer is 

made from an account within the United States to an account held outside 

the United States, and further provided that a transfer from a blocked 

account may only be made to another blocked account held in the same 

name.



    Note to Sec. 598.504: Please refer to part 501, subpart C of this 

chapter for mandatory reporting requirements regarding financial 

transfers. See also Sec. 598.206 concerning the obligation to hold 

blocked funds in interest-bearing accounts.