1. Regulations
  2. title 31
  3. chapter V
  4. part 525
  5. subpart D
  6. § 525.405

View all text of Subpart D [§ 525.401 - § 525.406]

§ 525.405 - 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 § 525.201 if effected after the effective date.

AUTHORITY: 3 U.S.C. 301; 31 U.S.C. 321(b); 50 U.S.C. 1601-1651, 1701-1706; Pub. L. 101-410, 104 Stat. 890, as amended (28 U.S.C. 2461 note); E.O. 14014, 86 FR 9429, February 12, 2021.

SOURCE: 86 FR 29197, June 1, 2021, unless otherwise noted.

CITE AS: 31 CFR 525.405