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U.S. Code as of:
01/19/04
Section 1905. Authorities
(a) In general
To carry out the purposes of this chapter, the Secretary of the
Treasury may, under such regulations as he may prescribe, by means
of instructions, licenses, or otherwise -
(1) investigate, regulate, or prohibit -
(A) any transactions in foreign exchange, currency, or
securities; and
(B) transfers of credit or payments between, by, through, or
to any banking institution, to the extent that such transfers
or payments involve any interests of any foreign country or a
national thereof; and
(2) investigate, block during the pendency of an investigation,
regulate, direct and compel, nullify, void, prevent, or prohibit
any acquisition, holding, withholding, use, transfer, withdrawal,
transportation, placement into foreign or domestic commerce of,
or dealing in, or exercising any right, power, or privilege with
respect to, or transactions involving, any property in which any
foreign country or a national thereof has any interest,
by any person, or with respect to any property, subject to the
jurisdiction of the United States.
(b) Recordkeeping
Pursuant to subsection (a) of this section, the Secretary of the
Treasury may require recordkeeping, reporting, and production of
documents to carry out the purposes of this chapter.
(c) Defenses
(1) Full and actual compliance with any regulation, order,
license, instruction, or direction issued under this chapter shall
be a defense in any proceeding alleging a violation of any of the
provisions of this chapter.
(2) No person shall be held liable in any court for or with
respect to anything done or omitted in good faith in connection
with the administration of, or pursuant to, and in reliance on this
chapter, or any regulation, instruction, or direction issued under
this chapter.
(d) Rulemaking
The Secretary of the Treasury may issue such other regulations or
orders, including regulations prescribing recordkeeping, reporting,
and production of documents, definitions, licenses, instructions,
or directions, as may be necessary for the exercise of the
authorities granted by this chapter.
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