31 C.F.R. Subpart D—Interpretations
Title 31 - Money and Finance: Treasury
Except as otherwise specified, reference to any provision in or appendix to this part or chapter or to any regulation, ruling, order, instruction, direction, or license issued pursuant to this part refers to the same as currently amended. Unless otherwise specifically provided, any amendment, modification, or revocation of any provision in or appendix to this part or chapter or of any order, regulation, ruling, instruction, or license issued by or under the direction of the Director of the Office of Foreign Assets Control does not affect any act done or omitted, or any civil or criminal suit or proceeding commenced or pending prior to such amendment, modification, or revocation. All penalties, forfeitures, and liabilities under any such order, regulation, ruling, instruction, or license continue and may be enforced as if such amendment, modification, or revocation had not been made. (a) Whenever a transaction licensed or authorized by or pursuant to this part results in the transfer of property (including any property interest) away from a person, such property shall no longer be deemed to be property blocked pursuant to §587.201(a), unless there exists in the property another interest that is blocked pursuant to §587.201(a) or any other part of this chapter, the transfer of which has not been effected pursuant to license or other authorization. (b) Unless otherwise specifically provided in a license or authorization issued pursuant to this part, if property (including any property interest) is transferred or attempted to be transferred to a person designated in or pursuant to §587.201(a), such property shall be deemed to be property in which that person has an interest and therefore blocked. Any transaction ordinarily incident to a licensed transaction and necessary to give effect thereto is also authorized, except: (a) An incidental transaction, not explicitly authorized within the terms of the license, by or with a person whose property or interests in property are blocked pursuant to §587.201(a); or (b) An incidental transaction, not explicitly authorized within the terms of the license, involving a debit or credit to a blocked account or a transfer of blocked property. (a) Except as provided in §587.206, the prohibitions contained in §587.201 apply to services performed by U.S. persons, wherever located: (1) On behalf of or for the benefit of a person designated in or pursuant to §587.201(a); or (2) With respect to property interests of a person designated in or pursuant to §587.201(a). (b) Example: U.S. persons may not, except as authorized by or pursuant to this part, provide legal, accounting, financial, brokering, freight forwarding, transportation, public relations, or other services to a person designated in or pursuant to §587.201(a). See §§587.507 and 587.508, respectively, on licensing policy with regard to the provision of certain legal or medical services. The prohibitions in §587.201 apply to transactions by any U.S. person in a location outside the United States with respect to property that the U.S. person knows, or has reason to know, is held in the name of a person designated in or pursuant to §587.201(a) or in which the U.S. person knows, or has reason to know, a person designated in or pursuant to §587.201(a) has or has had an interest since the effective date. Pursuant to §587.201, no debits may be made to a blocked account to pay obligations to U.S. persons or other persons, except as authorized pursuant to this part. Section 587.201 on dealing in property in which a person designated in or pursuant to §587.201(a) has an interest prohibits U.S. financial institutions from performing under any existing credit agreements, including, but not limited to, charge cards, debit cards, or other credit facilities issued by a U.S. financial institution to a person designated in or pursuant to §587.201(a). A setoff against blocked property (including a blocked account), whether by a U.S. bank or other U.S. person, is a prohibited transfer under §587.201 if effected after the effective date.
Title 31: Money and Finance: Treasury
PART 587—FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA AND MONTENEGRO) MILOSEVIC SANCTIONS REGULATIONS
Subpart D—Interpretations
§ 587.401 Reference to amended sections.
§ 587.402 Effect of amendment.
§ 587.403 Termination and acquisition of an interest in blocked property.
§ 587.404 Transactions incidental to a licensed transaction.
§ 587.405 Provision of services.
§ 587.406 Offshore transactions.
§ 587.407 Payments from blocked accounts to satisfy obligations prohibited.
§ 587.408 Credit extended and cards issued by U.S. financial institutions.
§ 587.409 Setoffs prohibited.
