The U.S. president today signed an executive order blocking property of additional persons contributing to the situation in Venezuela.
Read text of the executive order [PDF 266 KB]
The Treasury Department’s Office of Foreign Assets Control (OFAC) today also announced the release of the following two “frequently asked questions” (FAQs) in connection with the executive order.
628. What is the objective of Executive Order (E.O.) of November 1, 2018, "Blocking Property of Additional Persons Contributing to the Situation in Venezuela"?
The E.O. is designed to counter rampant corruption within the Government of Venezuela, which continues to exacerbate the economic and humanitarian crises afflicting the Venezuelan people. As we have worked to disrupt the Government of Venezuela’s sources of corrupt patronage, the Maduro regime has sought new means by which to enrich itself at the expense of its people. By issuing this E.O., the U.S. government is acting to prevent the regime and its corrupt associates from further exploiting Venezuela’s people and resources. The E.O. provides a powerful tool to impose costs on those who unjustly benefit from dishonest or fraudulent conduct, illicit activity, and/or deceptive transactions within Venezuela’s gold sector or other identified sectors, or in relation to the Government of Venezuela or its projects or programs. [11-01-2018]
629. Executive order (E.O.) of November 1, 2018, "Blocking Property of Additional Persons Contributing to the Situation in Venezuela," authorizes the imposition of sanctions on persons operating in Venezuela’s gold sector. For purposes of this E.O., how will OFAC target those who “operate in the gold sector of the Venezuela economy or any other sector of the Venezuela economy as may be determined by the Secretary of the Treasury in consultation with the Secretary of State”?
OFAC expects to use its discretion to target in particular those who operate corruptly in the gold or other identified sectors of the Venezuela economy, and not those who are operating legitimately in such sectors. This includes, for example, persons engaging in dishonest or fraudulent conduct, illicit activity, or deceptive transactions within Venezuela’s gold sector or other identified Venezuela sectors, with the purpose or effect of misappropriating Venezuelan resources in those sectors for personal, professional, or political gain. [11-01-2018]
For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:
John L. McLoughlin
Luis (Lou) Abad
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