Blocked Account Law and Legal Definition

According to 31 CFR 500.319 [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 500 -- Foreign Assets Control Regulations; Subpart C -- General Definitions], blocked account shall mean “an account in which any designated national has an interest, with respect to which account payments, transfers or withdrawals of other dealings may not be made or effected except pursuant to an authorization or license authorizing such action. The term blocked account shall not be deemed to include accounts of unblocked nationals.”