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526. How does the Secretary of the Treasury make a determination about funds blocked from certain foreign bank accounts pursuant to section 3 of Executive Order (E.O) 13810 and implemented in 31 C.F.R. § 510.201(d)? How are U.S. persons expected to know which funds are blocked?


Section 3 of E.O. 13810, as implemented in 31 C.F.R. § 510.201(d), authorizes the Secretary of the Treasury to determine that a foreign bank account is owned or controlled by a North Korean person or has been used to transfer funds in which any North Korean person has an interest, and to require the blocking of funds that originate from, are destined for, or pass through that account. OFAC will either publish notice in the Federal Register or provide notice directly to affected parties. Absent such a determination or notice from Treasury, this provision does not create any immediate compliance obligations on U.S. persons.

Date Released
March 1, 2018