Venezuela
Articles
Sanctioned Nations Investigate Launching Cryptocurrency to Evade Sanctions
Last month, there were news reports that claimed that North Korea was developing its own cryptocurrency. Like many things related to the secretive nation, there are not many details available. However, if true, that would make the country the latest to dabble in the creation of a sovereign coin that could potentially be used to evade sanctions. Venezuela, Iran, and Russia have also explored this option to varying degrees. Although, as yet, not successfully.
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The Problem of Venezuela: Current Sanctions Imposed and Tips for Challenges Faced by Compliance Suites
In recent times, relations between the U.S. and Venezuela have gone from bad to worse.
The Good, the Bad, and the Ugly: The Unintended Consequences of Sanctions from a Population Perspective
The U.S. currently maintains economic sanctions against many countries. Frequently criticized and often viewed as a paradox of U.S. foreign policy, economic sanctions are nevertheless quickly becoming the tool of choice for many countries. Sanctions are so popular in fact that many states and municipalities within the U.S. have also begun to implement their own sanctions regimes. In 2000, the U.S. Supreme Court unanimously held in Crosby v. National Foreign Trade Council that a Massachusetts law restricting state transactions with firms doing business in Burma was preempted by federal statute.
Wake Up To Sanctions | Second Quarter 2019 – Summer Edition Sanctions Round Up
August 05, 2019
OFAC Publishes New Framework for Compliance Commitments, Naming 5 Essential Components
On May 2, 2019, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) published a Framework for OFAC Compliance Commitments “in order to provide organizations subject to U.S. jurisdiction, as well as foreign entities that conduct business in or with the United States or U.S. persons, or that use U.S.-origin goods or services, with a framework on the essential components of a sanctions compliance program”. This guidance marks the first time that OFAC has provided prescriptive guidance to companies on its views of what should be included in an effective sanctions compliance program. (more…)
Wake Up To Sanctions
SanctionsAlert.com Sanctions Round Up
March 27, 2018
North Korea Generates $200 Million in Illicit Revenue and Continues to ‘Flout’ International Law - UN Report Claims
On March 5th, the United Nations (U.N.) Panel of Experts released its Report on North Korea sanctions pursuant to U.N. Security Council Resolution 2345 (2017) (the Report). The 298-page document details numerous examples of efforts by North Korea to evade U.N. sanctions and claims that the country has earned $200 million in 2017 concealing the origin of illicit exports. (more…)
Despite License, Russian Oil Deal May Trigger Sanctions Headaches for Citgo
August 30, 2017
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com
On August 24, 2017, the U.S. government announced new Venezuelan sanctions, impacting oil company Petroleos de Venezuela(PdVSA), and other Venezuelan government entities.
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