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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 597 - Foreign Terrorist Organizations Sanctions Regulations |
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Subpart D - Interpretations |
§ 597.404 - Setoffs prohibited.
Latest version.
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§ 597.404 Setoffs prohibited.
A setoff against blocked funds (including a blocked account) by a U.S. financial institution is a prohibited transaction under § 597.201 if effected after the effective date.