C.F.R. » Title 31 » CHAPTER V—OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY › PART 594—GLOBAL TERRORISM SANCTIONS REGULATIONS › Subpart E—Licenses, Authorizations and Statements of Licensing Policy

31 C.F.R. § 594.502

Effect of license or authorization

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(a) No license or other authorization contained in this part, or otherwise issued by or under the direction of the Director of the Office of Foreign Assets Control, authorizes or validates any transaction effected prior to the issuance of the license, unless specifically provided in such license or authorization.

(b) No regulation, ruling, instruction, or license authorizes any transaction prohibited under this part unless the regulation, ruling, instruction or license is issued by the Office of Foreign Assets Control and specifically refers to this part. No regulation, ruling, instruction, or license referring to this part shall be deemed to authorize any transaction prohibited by any provision of this chapter unless the regulation, ruling, instruction, or license specifically refers to such provision.

(c) Any regulation, ruling, instruction, or license authorizing any transaction otherwise prohibited under this part has the effect of removing a prohibition contained in this part from the transaction, but only to the extent specifically stated by its terms. Unless the regulation, ruling, instruction, or license otherwise specifies, such an authorization does not create any right, duty, obligation, claim, or interest in, or with respect to, any property which would not otherwise exist under ordinary principles of law.

Notes of Decisions
Cited in 2 cases (1 in the last 5 years), 2015–2025 · leading case: United States v. All Funds on Deposit With R.J. O'Brien & Assocs., 783 F.3d 607 (7th Cir. 2015).
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United States v. All Funds on Deposit With R.J. O'Brien & Assocs., 783 F.3d 607 (7th Cir. 2015). “31 C.F.R. § 594.502 (b). To put it another way, if OFAC blocked the assets under GTSR, then OFAC can unblock the assets by a license only if the license specifically refers to GTSR and the specific provision used to block the assets.”
Est. of Jeremy Isadore Levin v. Wells Fargo Bank, N.A. (D.C. Cir. 2025). “See 31 C.F.R. § 594.502 (c) (a license removes a prohibition “only to the extent specifically stated by its terms”).”
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