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Financial Services Law Insights and Observations

OFAC Imposes Sanctions on Eight Additional Venezuelans Connected to Venezuelan President Maduro

Financial Crimes Sanctions Department of Treasury OFAC

Financial Crimes

On August 9, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it was imposing sanctions on eight Venezuelan individuals for their role in supporting the “Constituent Assembly,” which was instituted under President Nicolas Maduro in order to allegedly undermine the democratic process by “rewrit[ing] the Venezuelan constitution and dissolv[ing] Venezuelan state institutions.” Seven of the individuals sanctioned are current or former officials of the Venezuelan government, and one was an active participant in identified “anti-democratic” actions. All assets belonging to the identified individuals subject to U.S. jurisdiction are frozen, and U.S. persons are prohibited from having any dealings with them. As previously reported in InfoBytes, sanctions were imposed on President Maduro on July 31.

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