[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: 31CFR598.505]



[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. 598.505  Investment and reinvestment of certain funds.



    Subject to the requirements of Sec. 598.206, U.S. financial 

institutions are authorized to invest and reinvest assets held in 

blocked accounts in the name of a specially designated narcotics 

trafficker, subject to the following conditions:

    (a) The assets representing such investments and reinvestments are 

credited to a blocked account or subaccount that is held in the same 

name at the same U.S. financial institution, or within the possession or 

control of a U.S. person, but in no case may funds be transferred 

outside the United States for this purpose;

    (b) The proceeds of such investments and reinvestments are not 

credited to a blocked account or subaccount under any name or 

designation that differs from the name or designation of the specific 

blocked account or subaccount in which such funds or securities were 

held; and

    (c) No immediate financial or economic benefit accrues (e.g., 

through pledging or other use) to the specially designated narcotics 

trafficker.



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