1. LawStack
  2. Title 31 - Money and Finance: Treasury
  3. Subtitle B - Regulations Relating to Money and Finance
  4. Chapter V - Office of Foreign Assets Control, Department of the Treasury
  5. Part 597 - Foreign Terrorist Organizations Sanctions Regulations
  6. Subpart D - Interpretations
  7. 31 CFR § 597.404
31 CFR § 597.404
Setoffs prohibited
July 31, 2023
CFR

§ 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.

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§ 597.403 Termination and acquisition of an interest in blocked funds
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§ 597.405 Transactions incidental to a licensed transaction

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