Foreign Assets Control Regulations

Summary of Foreign Assets Control Regulations

A pronouncement issued under authority of Section 5 (b) of the trading with the enemy act (read this and related legal terms for further details) that prohibits importation of products manufactured in, or containing components originating in, countries proscribed by the president. Exports to proscribed countries are forbidden also. The Secretary of the Treasury, however, may license specific transactions with listed countries. Violations of the regulations carry civil and criminal penalties.

(Main Author: William J. Miller)