31 CFR 501.603 - Reports on blocked property.

§ 501.603 Reports on blocked property.

(a)Who must report -

(1)Holders of blocked property. Any person, including a financial institution, holding property blocked pursuant to this chapter must report. The requirement includes financial institutions that receive and block payments or transfers. This requirement is mandatory and applies to all U.S. persons (or persons subject to U.S. jurisdiction in the case of parts 500 and 515 of this chapter) who have in their possession or control any property or interests in property blocked pursuant to this chapter.

(2)Primary responsibility to report. A report may be filed on behalf of a holder of blocked property by an attorney, agent, or other person. Primary responsibility for reporting blocked property, however, rests with the actual holder of the property, or the person exercising control over property located outside the United States, with the following exceptions: primary responsibility for reporting any trust assets rest with the trustee; and primary responsibility for reporting real property rests with any U.S. co-owner, legal representative, agent, or property manager in the United States. No person is excused from filing a report by reason of the fact that another person has submitted a report with regard to the same property, except upon actual knowledge of the report filed by such other person. Reports filed are regarded as privileged and confidential.

(3)Financial institutions. For purposes of this section, the term “financial institution” shall include a banking institution, domestic bank, United States depository institution, financial institution, or U.S. financial institution, as those terms are defined in the applicable part of this chapter.

(b)What must be reported -

(1)Initial reports -

(i)When reports are due. Reports are required to be filed within 10 business days from the date that property becomes blocked. This reporting requirement includes payments or transfers that are received and blocked by financial institutions.

(ii)Contents of reports. Initial reports on blocked property shall describe the owner or account party, the property, its location, any existing or new account number or similar reference necessary to identify the property, actual or estimated value and the date it was blocked, and shall include the name and address of the holder, along with the name and telephone number of a contact person from whom compliance information can be obtained. If the report is filed by a financial institution and involves the receipt of a payment or transfer of funds which are blocked by the financial institution, the report shall also include a photocopy of the payment or transfer instructions received and shall confirm that the payment has been deposited into a new or existing blocked account which is labeled as such and is established in the name of, or contains a means of clearly identifying the interest of, the individual or entity subject to blocking pursuant to the requirements of this chapter.

(2)Annual reports -

(i)When reports are due. A comprehensive report on all blocked property held as of June 30 of the current year shall be filed annually by September 30. The first annual report is due September 30, 1997.

(ii)Contents of reports. Annual reports shall be filed using Form TDF 90-22.50, Annual Report of Blocked Property. Copies of Form TDF 90-22.50 may be obtained directly from the Office of Foreign Assets Control by downloading the form from the OFAC Reporting and License Application Forms page on OFAC's Web site (https://www.treasury.gov/resource-center/sanctions/Pages/forms-index.aspx). A copy of reports filed using form TDF 90-22.50 or in alternative formats must be retained for the reporter's records.

(c)Reports on retained funds pursuant to § 596.504(b) of this chapter. The reporting requirements set forth in this section are applicable to any financial institution retaining funds pursuant to § 596.504(b) of this chapter, except that the account name shall reflect the name of the person whose interest required retention of the funds.

(d)Where to report. All reports must be filed with the Office of Foreign Assets Control, Compliance Programs Division, U.S. Treasury Department, 1500 Pennsylvania Avenue NW. - Annex, Washington, DC 20220.

Note:

See subpart F of part 597 for the relationship between this section and part 597.

[ 62 FR 45101, Aug. 25, 1997, as amended at 62 FR 52495, Oct. 8, 1997; 81 FR 76863, Nov. 4, 2016]

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


United States Code
U.S. Code: Title 8 - ALIENS AND NATIONALITY
U.S. Code: Title 18 - CRIMES AND CRIMINAL PROCEDURE
U.S. Code: Title 19 - CUSTOMS DUTIES
U.S. Code: Title 21 - FOOD AND DRUGS
U.S. Code: Title 22 - FOREIGN RELATIONS AND INTERCOURSE
U.S. Code: Title 28 - JUDICIARY AND JUDICIAL PROCEDURE
U.S. Code: Title 31 - MONEY AND FINANCE
U.S. Code: Title 50, APPENDIX - WAR AND NATIONAL DEFENSE

50a U.S. Code Rule - Designation of Act

50a U.S. Code Rule - Definitions

50a U.S. Code Rule - Acts prohibited

50a U.S. Code Rule - Licenses to enemy or ally of enemy insurance or reinsurance companies; change of name; doing business in United States

50a U.S. Code Rule - Suspension of provisions relating to ally of enemy; regulation of transactions in foreign exchange of gold or silver, property transfers, vested interests, enforcement and penalties

50a U.S. Code Rule - Alien Property Custodian; general powers and duties

50a U.S. Code Rule - Incurment of expenses by Office of Alien Property Custodian

50a U.S. Code Rule - Omitted

50a U.S. Code Rule - Lists of enemy or ally of enemy officers, directors or stockholders of corporations in United States; acts constituting trade...voluntary payment to custodian by holder; acts under order, rule, or regulation

50a U.S. Code Rule - Contracts, mortgages, or pledges against or with enemy or ally of enemy; abrogation of contracts; suspension of limitations

50a U.S. Code Rule - Claims to property transferred to custodian; notice of claim; filing; return of property; suits to recover; sale of claimed property in time of war or during national emergency

50a U.S. Code Rule - Acts permitted; applications for patents, or registration of trade-marks or copyrights; payment of tax in relation...against licensees; restraining infringements; powers of attorney; keeping secret inventions

50a U.S. Code Rule - Importations prohibited

50a U.S. Code Rule - Property transferred to Alien Property Custodian

50a U.S. Code Rule - Statements by masters of vessels and owners of cargoes before granting clearances

50a U.S. Code Rule - False manifest; refusal of clearance; reports of gold or silver coin in cargoes for export

50a U.S. Code Rule - Omitted

50a U.S. Code Rule - Offenses; punishment; forfeitures of property

50a U.S. Code Rule - Rules by district courts; appeals

50a U.S. Code Rule - Jurisdiction of courts of Philippines and Canal Zone of offenses

50a U.S. Code Rule - Print, newspaper or publication in foreign languages

50a U.S. Code Rule - Fees of agents, attorneys, or representatives

50a U.S. Code Rule - Claims of naturalized citizens as affected by expatriation

50a U.S. Code Rule - Fugitives from justice barred from recovery

50a U.S. Code Rule - Payment of income, etc., by Alien Property Custodian

50a U.S. Code Rule - Payment of taxes and expenses by Alien Property Custodian

50a U.S. Code Rule - Investments by Custodian in participating certificates issued by Secretary of the Treasury; transfers to and payments from German, Austrian or Hungarian special deposit accounts; allocation of payments

50a U.S. Code Rule - Allocation of “unallocated interest fund”

50a U.S. Code Rule - Return by Custodian, to United States, of payments under licenses, assignments or sales of patents

50a U.S. Code Rule - “Unallocated interest fund” defined

50a U.S. Code Rule - Waiver by Custodian of demand for property; acceptance of less amount; approval of Attorney General

50a U.S. Code Rule - Attachment or garnishment of funds or property held by Custodian

50a U.S. Code Rule - “Member of the former ruling family” defined

50a U.S. Code Rule - Return of property

50a U.S. Code Rule - Notice of claim; institution of suits; computation of time

50a U.S. Code Rule - Payment of debts

50a U.S. Code Rule - Hearings on claims; rules and regulations; delegation of powers

50a U.S. Code Rule - Taxes

50a U.S. Code Rule - Insurance of property

50a U.S. Code Rule - Shipment of relief supplies; definitions

50a U.S. Code Rule - Retention of properties or interests of Germany and Japan and their nationals; proceeds covered into Treasury; ex gratia payment to Switzerland

50a U.S. Code Rule - Intercustodial conflicts involving enemy property; authority of President to conclude; delegation of authority

50a U.S. Code Rule - Divestment of estates, trusts, insurance policies, annuities, remainders, pensions, workmen’s compensation and veterans’ benefits; exceptions; notice of divestment

50a U.S. Code Rule - Claims for proceeds from sale of certain certificates: jurisdiction, limitations; divestment of copyrights: “copyrights” defined,...interests, payment of royalties to Attorney General, suits for infringement

50a U.S. Code Rule - Divestment of trademarks

50a U.S. Code Rule - Motion picture prints, transfer of title

U.S. Code: Title 50 - WAR AND NATIONAL DEFENSE
Presidential Documents

Executive Order ... 9989

Title 31 published on 17-Nov-2018 03:48

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 31 CFR Part 501 after this date.

  • 2018-03-19; vol. 83 # 53 - Monday, March 19, 2018
    1. 83 FR 11876 - Inflation Adjustment of Civil Monetary Penalties
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, Office of Foreign Assets Control, Office of the Secretary of the Treasury
      Final rule.
      Effective March 19, 2018.
      31 CFR Part 50
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