§ 578.406 - Offshore transactions involving blocked property.

§ 578.406 Entities owned by persons whose property and interests in property are blocked.

Persons whose property and interests in property are blocked pursuant to § 578.201 have an interest in all property and interests in property of an entity in which such blocked persons own, whether individually or in the aggregate, 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 § 578.201, 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 § 578.201 on transactions or dealings involving blocked property, as defined in § 578.301, apply to transactions by any U.S. person in a location outside the United States.