31 CFR 597.201 - Prohibited transactions involving blocked assets or funds of foreign terrorist organizations or their agents.
(a) Upon notification to Congress of the Secretary of State's intent to designate an organization as a foreign terrorist organization pursuant to 8 U.S.C. 1189(a), until the publication in the Federal Register as described in paragraph (c) of this section, any U.S. financial institution receiving notice from the Secretary of the Treasury by means of order, directive, instruction, regulation, ruling, license, or otherwise shall, except as otherwise provided in such notice, block all financial transactions involving any assets of such organization within the possession or control of such U.S. financial institution until further directive from the Secretary of the Treasury, Act of Congress, or order of court.
(b) Except as otherwise authorized by order, directive, instruction, regulation, ruling, license, or otherwise, from and after the designation of an organization as a foreign terrorist organization pursuant to 8 U.S.C. 1189(a), any U.S. financial institution that becomes aware that it has possession of or control over any funds in which the designated foreign terrorist organization or its agent has an interest shall:
(1) Retain possession of or maintain control over such funds; and
(c) Publication in the Federal Register of the designation of an organization as a foreign terrorist organization pursuant to 8 U.S.C. 1189(a) shall be deemed to constitute a further directive from the Secretary of the Treasury for purposes of paragraph (a) of this section, and shall require the actions contained in paragraph (b) of this section.
(d) The requirements of paragraph (b) of this section shall remain in effect until the effective date of an administrative, judicial, or legislative revocation of the designation of an organization as a foreign terrorist organization, or until the designation lapses, pursuant to 8 U.S.C. 1189.
(e) When a transaction results in the blocking of funds at a financial institution pursuant to this section and a party to the transaction believes the funds have been blocked due to mistaken identity, that party may seek to have such funds unblocked pursuant to the administrative procedures set forth in § 501.806 of this chapter. Requests for the unblocking of funds pursuant to § 501.806 must be submitted to the attention of the Compliance Programs Division.
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 597 after this date.
- 31 CFR 597.404 — Setoffs Prohibited.
- 31 CFR 597.303 — Blocked Account; Blocked Funds.
- 31 CFR 597.513 — Payments From Funds Originating Outside the United States and the Formation of Legal Defense Funds Authorized.
- 31 CFR 597.202 — Effect of Transfers Violating the Provisions of This Part.
- 31 CFR 597.407 — Palestinian Authority.
- 31 CFR 597.510 — Concluding Activities With the Palestinian Authority.
- 31 CFR 597.508 — Payment of Taxes and Incidental Fees to the Palestinian Authority.
- 31 CFR 597.305 — Effective Date.
- 31 CFR 597.507 — Travel, Employment, Residence and Maintenance Transactions With the Palestinian Authority.
- 31 CFR 597.506 — Official Activities of Certain International Organizations; U.S. Person Employees of Certain Governments.
- 31 CFR 597.511 — In-Kind Donations of Medicine, Medical Devices, and Medical Services.
- 31 CFR 597.509 — Transactions With Entities Under the Control of the Palestinian President and Certain Other Entities.
- 31 CFR 597.406 — Offshore Transactions.