31 CFR § 510.511 - Noncommercial, personal remittances.

Date issued: Mar. 05 2018

TURBOFAC Commentary (152 words)

Notes:

1) There are remittance GLs in all IEEPA-based embargo programs, as well as the CACR. The GLs used in IEEPA programs are broadly similar in scope. Refer to General Note on Remittances; Guidance Letters Concerning Personal Remittances (System Ed. Note), for comments on the scope and operation of this GL.

2) Note the $5,000/year limitation, which is unique to the NKSR.

3) Unlike the ITSR version of this GL (560.550), this GL allows "U.S.-registered money transmitters" to process remittances.

4) Compare the SySR version of the GL, which specifies that the transfer cannot be "by, to, or through the Government of Syria or any other person whose property and interests in property are blocked pursuant to §542.201(a)." That proviso is missing from this GL, evidently in recognition of the fact that all financial institutions in North Korea are state-controlled, and therefore blocked.