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Can you summarize 31 CFR 501.603?
Reports > Reports on blocked and unblocked property.
Short Summary
This document outlines the reporting requirements for holders of blocked property and releasers of property from blocked status under the Office of Foreign Assets Control (OFAC). It applies to any U.S. person or person subject to U.S. jurisdiction, including financial institutions. The document specifies that the primary responsibility for reporting rests with the actual holder or releaser of the property. It also provides details on the information that must be reported, including the name and address of the person holding the property, a description of the transaction associated with the blocking, the associated sanctions target(s), a description of the blocked property, the date the property was blocked, and the legal authority for the blocking. The document further outlines the requirements for annual reports of blocked property and reports on the release of property from blocked status. It specifies the information that must be included in these reports and the deadlines for filing them. The document also mentions that reports on retained funds and releases of such funds are subject to the same reporting requirements. The document provides instructions on where to submit the reports and states that OFAC prefers to receive reports electronically. Finally, it mentions that OFAC records are subject to the Freedom of Information Act (FOIA) and may be released upon receipt of a valid FOIA request.
Whom does it apply to?
Any U.S. person (or person subject to U.S. jurisdiction), including financial institutions, holding property blocked pursuant to this chapter or releasing property from blocked status
What does it govern?
Reporting, Procedures, and Penalties Regulations for the Office of Foreign Assets Control (OFAC)
What are exemptions?
No person is excused from filing a report by reason of the fact that another person has submitted a report with regard to the same property, except upon actual knowledge of the report filed by such other person.
What are the Penalties?
Penalties for non-compliance or violation of the reporting requirements are not specified in the provided document.
Jurisdiction
U.S. Federal Government