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 599 - Illicit Drug Trade Sanctions Regulations
  6. Subpart D - Interpretations
  7. 31 CFR § 599.405
31 CFR § 599.405
Setoffs prohibited
July 31, 2023
CFR

§ 599.405 Setoffs prohibited.

A setoff against blocked property (including a blocked account), whether by a U.S. financial institution or other U.S. person, is a prohibited transfer under § 599.201 if effected after the effective date.

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§ 599.404 Transactions ordinarily incident to a licensed transaction
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§ 599.406 Entities owned by one or more persons whose property and interests in property are blocked

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