31 CFR 550.405 - Setoffs prohibited.

Regulations last checked for updates: Nov 22, 2024

Title 31 - Money and Finance: Treasury last revised: Nov 18, 2024

View all text of Subpart D [§ 550.401 - § 550.406]

§ 550.405 - Setoffs prohibited.

A setoff against blocked property (including a blocked account), whether by a U.S. financial institution or other U.S. person, is a prohibited transfer under § 550.201 if effected after the effective date.

authority: 3 U.S.C. 301; 31 U.S.C. 321(b); 50 U.S.C. 1601-1651,1701; Pub. L. 101-410, 104 Stat. 890, as amended (28 U.S.C. 2461 note); E.O. 14046, 86 FR 52389, 3 CFR, 2022 Comp., p. 549

source: 87 FR 7374, Feb. 9, 2022, unless otherwise noted.

cite as: 31 CFR 550.405