OFAC sanctions Venezuelans involved in corrupt currency exchange scheme

Today (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.

VenezuelaVenezuela United StatesUnited States

About Maya Lester QC

Maya Lester QC

Maya Lester QC is a senior barrister (Queen’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. The legal directories say she is the...

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