- within International Law, Intellectual Property, Food, Drugs, Healthcare and Life Sciences topic(s)
The U.S. Treasury Department ("Treasury") Office of Foreign Assets Control ("OFAC") designated six Venezuelan government officials affiliated with the regime of Nicolas Maduro, the Venezuelan leader from whom the U.S. government withdrew recognition earlier this year. OFAC said that the action, pursuant to Executive Order 13692, was in response to efforts undertaken by groups controlled by the six officials that exacerbated the humanitarian crisis and that left millions of Venezuelans starving and without access to medical care.
As a result of OFAC's action, all property and interests in property of the six officials, and of any entities that are owned 50 percent or more by them, are blocked and must be reported to OFAC to the extent such property or interests in property are located in the United States or in the possession or control of U.S. persons. Additionally, U.S. persons generally are prohibited from engaging in any dealings with the designated officials and their property and interests in property, including any entities they may own.
[View Source]