OFAC Regulatory Provisions - 31 CFR § 591.407 Settlement agreements and enforcement of certain orders through judicial process.

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.

TURBOFAC Commentary (326 words)

Notes:

1) This interpretive provision is specific to the VSR. Unlike most 400-level interpretive provisions, it is fairly evident that this provision is not a mere "clarification" on the default scope of other boilerplate provisions, but instead reflects a specific policy preference with regard to Venezuela.

The provision references 591.506(c), a boilerplate provision found the standard "legal services" GL, that provides as follows:

(c) Entry into a settlement agreement or the enforcement of any lien, judgment, arbitral award, decree, or other order through execution, garnishment, or other judicial process purporting to transfer or otherwise alter or affect property or interests in property blocked pursuant to §591.201 is prohibited unless licensed pursuant to this part.

What is notable about 591.407 is not that it puts such "[s]ettlement agreements and enforcement of certain orders through judicial process[es]" within the scope of the basic blocking prohibition, or that it takes...

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31 CFR § 591.407 Settlement agreements and enforcement of certain orders through judicial process.

TURBOFAC Commentary (326 words)