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In concurrent actions, OFAC sanctioned the Central Bank of
Venezuela and its director, as well as the son of Nicaraguan
President Daniel Ortega and a Nicaraguan bank owned by
Venezuela's state-owned oil company, Petróleos de
Venezuela, S.A. ("PdVSA").
Pursuant to
Executive Order 13850, OFAC designated the Central Bank of Venezuela.
According to Treasury Secretary Steven T. Mnuchin, the move was
designed "to prevent [the bank] from being used as a tool of
the illegitimate Maduro regime." OFAC also designated Central
Bank of Venezuela Director Iliana Josefa Ruzza Terán,
pursuant to
Executive Order 13692.
OFAC also issued two new, and five amended, General Licenses pertaining to financial
transactions involving Venezuelan entities, including the
country's Central Bank. As explained in an FAQ, the authorizations contained in the
General Licenses are intended to, among other things, permit U.S.
persons and others to engage in or facilitate the provision of
humanitarian assistance or non-commercial, personal remittances to
Venezuela.
In addition, pursuant to
Executive Order 13851, OFAC designated the son of Nicaraguan President
Daniel Ortega, Laureano Ortega Murillo, and a Nicaraguan bank,
Banco Corporativo SA ("BanCorp").
According to OFAC, Mr. Murillo and BanCorp support a regime
whose actions have led to the deaths of over 300 individuals and
created tens of thousands of refugees. Nicaraguan Vice President
Rosario Murillo, who is the mother of Laureano Ortega Murillo and
the wife of President Ortega, was previously designated by OFAC in November 2018.
U.S. Treasury Under Secretary Sigal Mandelker stated:
"The corrupt Ortega regime has ignored the Nicaraguan
people's calls for reform, including the freeing of all
political prisoners, and early transparent elections."
As a result of OFAC's actions, all property and interests in
property of the designated persons, or of any entity that is owned
by one or more designated persons, that are in the United States or
are in the possession or control of U.S. persons, are blocked and
must be reported to OFAC. OFAC's regulations generally forbid
all dealings by U.S. persons, or within or transiting the United
States, that involve any property or interests in property of
blocked or designated persons.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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On May 2, 2019, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) published its first-ever Framework for OFAC Compliance Commitments ("Framework"),
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