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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. This follows an...

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...

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...

Sanctioned Nations Investigate Launching Cryptocurrency to Evade Sanctions

November 7, 2019 By: Natasha Bright, ACSS Reporter 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...

The Problem of Venezuela: Current Sanctions Imposed and Tips for Challenges Faced by Compliance Suites

September 11, 2019 By: Anna Sayre, Head of Legal Content, ACSS In recent times, relations between the U.S. and Venezuela have gone from bad to worse. Since President Nicolás Maduro came to power in 2013, the U.S. has not hesitated to impose hefty sanctions against the...

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