TITLE 31 - MONEY AND FINANCE: TREASURY

SUBTITLE B - REGULATIONS RELATING TO MONEY AND FINANCE

CHAPTER V - OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY

PART 545 - TALIBAN (AFGHANISTAN) SANCTIONS REGULATIONS

subpart e - LICENSES, AUTHORIZATIONS AND STATEMENTS OF LICENSING POLICY

545.512 - Payment of obligations to U.S. persons authorized.

  (a) The transfer of funds after the effective date by, through, or to any U.S. financial institution or other U.S. person solely for the purpose of payment of obligations owed to U.S. persons, including a payment of such obligations of persons whose property or interests in property are blocked pursuant to 545.201, is authorized, provided that (1) the obligation arose prior to the effective date or is otherwise authorized or not prohibited pursuant to statute or the provisions of this part; (2) the payment requires no debit to a blocked account; and (3) the U.S. person is not blocked pursuant to this chapter V.

  (b) A person receiving payment under this section may distribute all or part of that payment to any person, provided that any such payment to a person whose property or interests in property are blocked pursuant to 545.201 must be to a blocked account in a U.S. financial institution.

Note to 545.512: Please refer to 501.603 of this chapter for mandatory reporting requirements regarding financial transfers. See also 545.203 concerning the obligation to hold blocked funds in interest-bearing accounts.