1. Regulations
  2. title 31
  3. chapter V
  4. part 588
  5. subpart D
  6. § 588.410

View all text of Subpart D [§ 588.401 - § 588.411]

§ 588.410 - 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 § 588.201 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; 22 U.S.C. 287c; Pub. L. 101-410, 104 Stat. 890, as amended (28 U.S.C. 2461 note); E.O. 13219, 66 FR 34777, 3 CFR, 2001 Comp., p. 778; E.O. 13304, 68 FR 32315, 3 CFR, 2004 Comp., p. 229; E.O. 14033, 86 FR 43905, 3 CFR, 2022 Comp., p. 591.

SOURCE: 87 FR 58996, Sept. 29, 2022, unless otherwise noted.

CITE AS: 31 CFR 588.410