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OFAC-a-Rama: Updated Venezuela GL , Updated TCO regulations, Civil Monetary Penalty definition update

Issuance of Venezuela-related General License 5I and Updated Frequently Asked Question; Issuance of Amended Transnational Criminal Organizations Sanctions Regulations; Amendment of the definition of the term “Applicable Schedule Amount”  Release date01/20/2022Body The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing Venezuela-related General License 5I, “Authorizing Certain Transactions […]

Ooh, a good question… which OFAC answers!

956. For the Belarus, Ukraine-/Russia-related, and Venezuela-related sanctions programs, how does OFAC view modifications to pre-existing loans, contracts, or other agreements to replace London Interbank Offered Rate (LIBOR) as the reference rate? Answer In July 2017, the United Kingdom Financial Conduct Authority (FCA) announced the “future cessation and loss of representativeness” of […]

Yesterday’s OFAC Update to counter-terrorism, narcotics trafficking and Venezuela programs

Yesterday (I was in transit back from my sister’s Senate confirmation hearing to be FCC Commissioner – sorry (not sorry!)), OFAC added the following persons: ESPANA CAICEDO, Euclides (a.k.a. HENAO MUNOZ, Jhon Fredey; a.k.a. “JHONIER”; a.k.a. “JONIER”; a.k.a. “JONNIER”), Cauca Department, Colombia; DOB 29 Dec 1973; POB Albania, Caqueta Department, […]

OFAC updates two programs: amendments to Syria Sanctions Regulations & its FAQs – and updates Venezuela GL 8

Publication of Amended Syria Sanctions Regulations and Related Frequently Asked Questions; Issuance of Venezuela-related General License 8I Release date. 11/24/2021 The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is adopting a final rule amending the Syrian Sanctions Regulations, 31 CFR part 542, to expand an existing authorization related […]

Alex Saab extradited to the US

Department of Justice Office of Public Affairs FOR IMMEDIATE RELEASE Monday, October 18, 2021 Colombian Businessman Charged with Money Laundering Extradited to the United States from Cabo Verde Alex Nain Saab Moran (Saab), 47, a Colombian citizen, will make his initial appearance in federal court in Miami, Florida, today after […]

Another day, another FAQ – today’s is Venezuela-related!

Frequently Asked Questions 933. Are the authorizations in paragraph (a) of Venezuela-related General Licenses 7C and 20B, respectively, expired? Answer No.  The authorizations in paragraph (a) of Venezuela-related General Licenses (GLs) 7C (“Authorizing Certain Activities Involving PDV Holding, Inc. and CITGO Holding, Inc.”) and 20B (“Authorizing Official Activities of Certain International Organizations Involving the Government […]

July 12, 2021: That olive branch smells a lot like LPG… or is the other way around?

Yesterday afternoon, OFAC issued a new Venezuela-related General License 40, “Authorizing Certain Transactions Involving the Exportation or Reexportation of Liquefied Petroleum Gas to Venezuela”: OFFICE OF FOREIGN ASSETS CONTROL Venezuela Sanctions Regulations 31 CFR part 591 GENERAL LICENSE NO. 40 Authorizing Certain Transactions Involving the Exportation or Reexportation of Liquefied […]