Ed. Note: if you’re new to TURBOFAC, please take note that the text string filtration function generally shouldn’t be used for terms such as “ordinarily resident,” “causing” or “new debt”. For research on the meaning of words and phrases such as those, i.e. terms central to the key legal issues in sanctions law that appear on a cross-programmatic basis, you’re typically better off locating and checking the appropriate box in the “Key Legal Issues” search category, which will limit the results to those that have been manually assessed as being relevant for the interpretation of the terms at issue.
Try typing your search term (“ordinarily resident,” “new debt,” or something else) in the “Find a Search Filter” box at the top of the page, and the corresponding “Key Legal Issues” check box will pop up instantly, if one exists. Once you check the box (e.g. “new debt,” with ~55 results), you can always use the text string filtration function to further refine your search (e.g. by typing “invoice” and narrowing the ~55 results to ~10).
Note in addition that the same applies to text string searches such as “14071” (if you’re looking for items related to EO 14071). By typing “14071” in the “Find a Search Filter” field up top, you will be able to instantly narrow the results down to items manually assessed as relating to EO 14071. Ditto terms such as “515.204” or “Iran General License G” (try the “Discrete Legal Provision” search category).
Please contact [email protected] or [email protected] with any questions on search results and efficiency.
Please click "Apply Text String Filters" again after clicking the "Close" button immediately below.
This provision, specifying that prohibitions apply to dealings in blocked property whether or not they are within the U.S. or the possession or control of a U.S. person, is common in all regulations involving the blocking of property. Refer to Notes to the Common "Offshore transactions [involving blocked property]" Interpretive Provision (System Ed. Note).
Prior versions of the provision read as follows:
§541.406 Offshore transactions involving blocked property.
The prohibitions in §541.201 on transactions or dealings involving blocked property apply to transactions by any U.S. person in a location outside the United States with respect to property held in the name of a person whose property and interests in property are blocked pursuant to §541.201(a).
The amendment reflects the fact that blocked property need not be "held in the name of" a blocked person.
* Note: in the version of the URSR in force from 2014-5/2022, this provision was 31 CFR § 589.406 - Entities owned by a person whose property and interests in property are blocked. That provision was redesignated as part of the URSR amendments in May, 2022.