Venezuela
Articles
Venezuela Update 2020 – More General Licenses, Humanitarian Exemptions, and First Ever Designated Ship Captains
August 29, 2020
By: Robert L. Williams III CAMS, Consultant*
For the first half of 2020, OFAC has continued to focus on the Government of Venezuela, the shipping industry, and its ongoing trading of oil with Iran, in violation of OFAC regulations. (more…)
E.U. and U.S. Sanctions on Venezuela: The Likely Effectiveness of a New Collaborative Crackdown on Sanctions Evasion
August 24, 2020
By: Ingo Steinhaeuser, Director of Financial & Risk, Refinitiv *
Following the departure or ejection of its ambassador to Venezuela in June 2020, the European Union added 11 leading Venezuelan officials to the E.U. sanctions list. The individuals have been deemed responsible for acting against the democratic functions of the Venezuelan National Assembly, notably stripping the parliamentary immunity of several members, including its President, Juan Guaidó. (more…)
Smuggler’s Paradise: How Venezuela is Using “Blood Gold” to Circumvent U.S. Sanctions
August 21, 2020
By: Jack Walsh, Reporter ACSS
Over the past five years, a combination of rock-bottom oil prices and heavy U.S. sanctions on Venezuela’s oil industry has caused the South American country’s economy to crater. In the absence of formerly prolific oil revenues, gold exports serve as one of the last remaining financial lifelines for Venezuela’s embattled president, Nicolás Maduro, and his political allies. (more…)
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.
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…)
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