OFAC sanctions Venezuelans involved in corrupt currency exchange scheme

US Treasury BuildingToday (8 January), OFAC designated 7 Venezuelan individuals and 23 entities, pursuant to Executive Order 13850 (asset freeze and travel ban), for their involvement in a “significant corruption scheme designed to take advantage of the Government of Venezuela’s currency exchange practices, generating more than $2.4 billion in corrupt proceeds”. The designations include 2 former Venezuelan National Treasurers, Claudia Patricia Diaz Guillen and Alejandro Jose Andrade Cedeno. OFAC also identified 1 private aircraft as block property (N133JA). See OFAC Notice and US Treasury Press Release.

Furthermore, OFAC has issued Venezuela-related General Licence 6, which authorises US persons to engage in specified transactions related to winding down or maintaining business with Globovision Tele CA and Globovision Tele CA Corp, which were designated in today’s action, until 8 January 2020. See New OFAC FAQ about this general licence.

This entry was posted in USA, Venezuela by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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