Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 31 - Money and Finance: Treasury |
Subtitle B - Regulations Relating to Money and Finance |
Chapter V - Office of Foreign Assets Control, Department of the Treasury |
Part 553 - Central African Republic Sanctions Regulations |
Subpart D - Interpretations |
§ 553.406 - Offshore transactions involving blocked property.
Latest version.
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§ 553.406 Entities owned by a person whose property and interests in property are blocked.
A person whose property and interests in property are blocked pursuant to § 553.201 has an interest in all property and interests in property of an entity in which it owns, directly or indirectly, a 50 percent or greater interest. The property and interests in property of such an entity, therefore, are blocked, and such an entity is a person whose property and interests in property are blocked pursuant to § 553.201, regardless of whether the name of the entity is incorporated into OFAC's Specially Designated Nationals and Blocked Persons List (SDN List)Offshore transactions involving blocked property.
The prohibitions in § 553.201 on transactions or dealings involving blocked property, as defined in § 553.302, apply to transactions by any U.S. person in a location outside the United States.