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Can you summarize 31 CFR 501.602?
Reports > Reports to be furnished on demand.
Short Summary
This regulation requires every person to furnish reports or information, under oath, to the Office of Foreign Assets Control (OFAC) as and when required. The reports should contain complete information regarding any act or transaction, regardless of whether it was conducted under a license or not, and any property in which a foreign country or national has or had an interest. The reports may also include the production of relevant documents in the custody or control of the reporting persons. The OFAC has the authority to conduct investigations, hold hearings, administer oaths, examine witnesses, and require the production of documents through subpoenas. The term ‘document’ is broadly defined to include various forms of written, recorded, or graphic matter, as well as electronic documents. Persons providing documents to OFAC must produce them in a usable format agreed upon by OFAC. Certain exemptions are provided in Parts 596 and 597. Specific penalties for non-compliance or violation of the provisions are not mentioned in this document.
Whom does it apply to?
Every person
What does it govern?
Furnishing reports and information to the Office of Foreign Assets Control (OFAC)
What are exemptions?
Parts 596 and 597 provide exemptions
What are the Penalties?
Penalties are not specified in this document.
Jurisdiction
U.S. Federal Government