General Note on the Meaning and Significance of the Construction "Has or Has Had an Interest" (System Ed. Note)

Last substantive commentary amendment:
Mar. 27 2023

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TURBOFAC Commentary (4222 words)

General Note on the Meaning and Significance of the Construction "Has or Has Had an Interest" (System Ed. Note)

1) SYNOPSIS

The term "has or has had an interest" in property, as it appears in sanctions regulations involving blocking, has been “retired” from use, and where it still exists in active sanctions regulations, OFAC does not interpret it literally. All property in which a blocked person “has” an interest is blocked, where the notion of (currently) “having” an interest in property extends to some, but not all, situations in which blocked person “had” an interest that was subsequently extinguished as a result of some action (usually an offshore transaction not involving a U.S. person) other than an OFAC authorization. In those cases, having “had” an extinguished legal or other interest in property does
not foreclose the possibility that there may still be a constructive,...