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§510.302 Blocked account; blocked property.
For the purposes of this part, the terms blocked account and blocked property shall mean:
(a) Any account or property subject to the prohibitions in §510.201(a) held in the name of the Government of North Korea, the Workers' Party of Korea, or any other person whose property and interests in property are blocked pursuant to §510.201(a), or in which such person has an interest, and with respect to which payments, transfers, exportations, withdrawals, or other dealings may not be made or effected except pursuant to a license or other authorization from OFAC expressly authorizing such action; and
(b) Any account or property subject to the prohibitions in §510.201(d), and with respect to which payments, transfers, exportations, withdrawals, or other dealings may not be made or effected except pursuant to a license or other authorization from OFAC expressly authorizing such action.
Note 1 to §510.302: See §510.411 concerning the blocked status of property and interests in property of an entity that is directly or indirectly owned, whether individually or in the aggregate, 50 percent or more by one or more persons whose property and interests in property are blocked pursuant to §510.201(a).
[83 FR 9187, Mar. 5, 2018, as amended at 85 FR 20161, Apr. 10, 2020]
1) See "General Note on the 300-level definition of ‘Blocked account; blocked property’ (System Ed. Note) for an explanation of the importance of this provision's reference to property "in which" blocked persons have an interest.
2) With the exception of subsection (b), provision is substantively identical to the most recent version of the "Blocked account; blocked property" definitions found in virtually all sanctions regulations.
3) Subsection (b) pertains to the blocking mechanism for funds passing through certain "tainted" accounts affirmatively determined to be subject to blocking regulations. As of 8/2019, OFAC is yet to utilize the provision.
4) This section is erroneously listed as having been amended on Apr. 10, 2020. There is no change vis-a-vis the previous version.