1. Regulations
  2. title 31
  3. chapter V
  4. part 562
  5. subpart D
  6. § 562.405

View all text of Subpart D [§ 562.401 - § 562.407]

§ 562.405 - Setoffs prohibited.

A setoff against blocked property (including a blocked account), whether by a U.S. bank or other U.S. person, is a prohibited transfer under § 562.201 if effected after the effective date.

AUTHORITY: 3 U.S.C. 301; 18 U.S.C. 2332d; 22 U.S.C. 8501-8551; 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. 12957, 60 FR 14615, 3 CFR, 1995 Comp., p. 332; E.O. 13553, 75 FR 60567, 3 CFR, 2010 Comp., p. 253; E.O. 13871, 84 FR 20761, 3 CFR, 2019 Comp., p. 308.

SOURCE: 76 FR 7695, Feb. 11, 2011, unless otherwise noted.

CITE AS: 31 CFR 562.405