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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 31 - Money and Finance: Treasury |
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Subtitle B - Regulations Relating to Money and Finance |
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Chapter V - Office of Foreign Assets Control, Department of the Treasury |
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Part 578 - Cyber-Related Sanctions Regulations |
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Subpart D - Interpretations |
§ 578.406 - Offshore transactions involving blocked property.
Latest version.
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§ 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.