Pursuant to Executive Order 13850, the U.S. Treasury Department ("Treasury") Office of Foreign Assets Control ("OFAC") designated Venezuela's national development bank and four subsidiaries for enabling the regime of Nicolas Maduro.
Treasury Secretary Steven T. Mnuchin stated that "regime insiders have transformed [the bank] and its subsidiaries into vehicles to move funds abroad in an attempt to prop up Maduro." The designations come after the "illegal" arrest of President Guaido's aide. Secretary Mnuchin called for Roberto Marrero and other political prisoners to be released immediately.
In conjunction with this action, OFAC issued five Venezuela-related General Licenses ("GLs") (i.e., GL 4A, 15, 16, 17 and 18) and two FAQs explaining the GLs and sanctions.
As a result of OFAC's action, all property and interests in property of these entities, and all entities owned 50 percent or more by them, that are in the U.S. or under the control of U.S. persons are blocked and must be reported to OFAC. OFAC's regulations generally prohibit all dealings by U.S. persons or within the U.S. that involve property or interests in property of designated individuals.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
