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.
(b)
(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.
(2) Transactions conducted pursuant to this section must be reported to the Office of Foreign Assets Control, Blocked Assets Division, in a report filed no later than 10 business days following the last business day of the month in which the transactions occurred.
Title 31 published on 06-Feb-2018 03:53
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 31 CFR Part 595 after this date.
GPO FDSys XML | Text type regulations.gov FR Doc. 2017-01637 RIN DEPARTMENT OF THE TREASURY, Financial Crimes Enforcement Network, Office of Foreign Assets Control Final rule. Effective February 10, 2017. 31 CFR Part 50 The Department of the Treasury (“Department” or “Treasury”) publishes this final rule to adjust its civil monetary penalties (“CMPs”) for inflation as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (collectively referred to herein as “the Act”). This rule adjusts CMPs within the jurisdiction of certain components of the Department to the maximum amount required by the Act.
GPO FDSys XML | Text type regulations.gov FR Doc. 2016-15552 RIN DEPARTMENT OF THE TREASURY, Office of Foreign Assets Control Interim final rule with request for comments. This rule is effective August 1, 2016. Comments must be received on or before August 1, 2016. 31 CFR Parts 501, 535, 536, 537, 538, 539, 541, 542, 543, 544, 546, 547, 548, 549, 560, 561, 566, 576, 588, 592, 593, 594, 595, 597, and 598. The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing this interim final rule to amend its regulations for the relevant sanctions programs it administers to implement the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. In particular, this rule adjusts for inflation the maximum amount of the civil monetary penalties that may be assessed under relevant OFAC regulations, including by making conforming changes to OFAC's “Economic Sanctions Enforcement Guidelines.”
GPO FDSys XML | Text type regulations.gov FR Doc. 2013-15424 RIN DEPARTMENT OF THE TREASURY, Office of Foreign Assets Control Final rule. Effective: June 27, 2013. 31 CFR Parts 594, 595, and 597 The Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury is amending the Global Terrorism Sanctions Regulations and the Terrorism Sanctions Regulations (the “TSR”) to clarify the scope of prohibitions on the making of donations contained in the underlying Executive orders and that a person whose property and interests in property are blocked pursuant to those programs has an interest in all property and interests in property of an entity in which it owns, directly or indirectly, a 50 percent or greater interest. In addition, OFAC is amending the TSR to add a definition of the term “financial, material, or technological support” and to set at 180 days the maximum term of maturity for instruments in which funds may be invested or held within a blocked interest-bearing account. Finally, OFAC is correcting a clerical error within the Foreign Terrorist Organizations Sanctions Regulations.