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 591 - Venezuela Sanctions Regulations |
Subpart D - Interpretations |
§ 591.406 - Entities owned by one or more persons whose property and interests in property are blocked.
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§ 591.406 Entities owned by one or more persons whose property and interests in property are blocked.
blocked(a) Persons whose property and interests in property are blocked pursuant to § 591.201 have an interest in all property and interests in property of an entity in which such
directly or indirectly,persons directly or indirectly own, whether individually or in the aggregate,
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 § 591.201, regardless of whether the name of the entity is incorporated into OFAC's Specially Designated Nationals and Blocked Persons List (SDN List).
(b) This section, which deals with the consequences of ownership of entities, in no way limits the definition of the Government of Venezuela in E.O. 13884, which includes within its definition other persons whose property and interests in property are blocked but who are not on the SDN List.
[87 FR 78480, Dec. 21, 2022]