Evidence from credible sources supports the statement as accurate. Learn more in Methodology.
Property and interests in property of the designated/blocked persons located in the United States or in the possession or control of U.S. persons are blocked and subject to OFAC reporting requirements (unless authorized or exempt).
Executive Orders authorizing blocking sanctions, such as E.O. 14024 and similar programs, provide that all property and interests in property of designated persons that are in the United States or in the possession or control of U.S. persons are "blocked" (frozen) and may not be transferred, paid, exported, withdrawn, or otherwise dealt in. OFAC’s regulations at 31 C.F.R. § 501.603 require any U.S. person holding property that is blocked pursuant to OFAC regulations to file reports with OFAC (initially within 10 business days and then annually) detailing that blocked property. OFAC’s own FAQs further confirm that when foreign financial institutions or other persons are subject to blocking sanctions, all of their property and interests in property under U.S. jurisdiction or control of U.S. persons are blocked and must be reported to OFAC. Accordingly, the statement that, as a result of the action, all such property and interests in property are blocked and must be reported to OFAC is accurate as a description of the legal consequences of an OFAC blocking designation. The verdict is True because both the blocking of all covered property and the obligation to report blocked property are explicitly required by OFAC’s governing executive orders and regulations.