What is Blocked Property?

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Multiple Choice

What is Blocked Property?

Blocked Property means assets that have been frozen under sanctions rules, such as OFAC, and therefore may not be accessed or dealt with by U.S. persons or within the United States unless an explicit license is granted. This includes any property in which a designated or blocked person has an interest—cash, securities, real estate, or other assets—and the designation status bars transfers, payments, withdrawals, or other dealings with those assets. In practice, banks must identify any blocked property in accounts or transactions, freeze it, and comply with reporting or licensing requirements. This concept is about the status of assets, not about ordinary transactions, recordkeeping, or other terms.

Blocked Property means assets that have been frozen under sanctions rules, such as OFAC, and therefore may not be accessed or dealt with by U.S. persons or within the United States unless an explicit license is granted. This includes any property in which a designated or blocked person has an interest—cash, securities, real estate, or other assets—and the designation status bars transfers, payments, withdrawals, or other dealings with those assets. In practice, banks must identify any blocked property in accounts or transactions, freeze it, and comply with reporting or licensing requirements. This concept is about the status of assets, not about ordinary transactions, recordkeeping, or other terms.

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