31 CFR 595.504 - Investment and reinvestment of certain funds.
(a) U.S. financial institutions are hereby authorized and directed to invest and reinvest assets held in blocked accounts in the name of a specially designated terrorist, subject to the following conditions:
(1) The assets representing such investments and reinvestments are credited to a blocked account or sub-account which is in the name of the specially designated terrorist and which is located in the United States or within the possession or control of a U.S. person; and
(2) The proceeds of such investments and reinvestments are not credited to a blocked account or sub-account under any name or designation which differs from the name or designation of the specific blocked account or sub-account in which such funds or securities were held; and
(3) No immediate financial or economic benefit or access accrues (e.g., through pledging or other use) to the specially designated terrorist.
(1) U.S. persons seeking to avail themselves of this authorization must register with the Office of Foreign Assets Control, Blocked Assets Section, before undertaking transactions authorized under this section.
Title 31 published on 2014-07-01.
No entries appear in the Federal Register after this date, for 31 CFR Part 595.