OFAC DESIGNATES VENEZUELAN BANK AND ENTITIES OWNED OR CONTROLLED BY IT, PLUS ISSUES 1 NEW GENERAL LICENCE, AMENDS OTHERS AND ISSUES NEW FAQ

On 22^nd March, OFAC announced that it had designated Banco de Desarrollo Economico y Social de Venezuela (BANDES), and any entity in which BANDES owns, directly or indirectly, a 50% or greater interest.

It issued 4 new Venezuela-related General Licenses in connection with the designation of BANDES.

It also amended General License 4: Authorizing New Debt Transactions and Transactions involving Certain Banks Related to the Exportation or Re-exportation of Agricultural Commodities, Medicine, Medical Devices, or Replacement Parts and Components.

2 new FAQ have been issued in connection with the above actions.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190322_33.aspx

https://home.treasury.gov/news/press-releases/sm636

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017