Venezuela

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OFAC

January 30, 2013 - Kingpin Act Designations​; Kingpin Act Designations​ Removals; Counter Narcotics Designation Removals

Specially Designated Nationals List Update

The following individual has been added to OFAC's SDN List:

The following entity has been added to OFAC's SDN List:

The following deletions have been made to OFAC's SDN List:

OFAC Recent Actions

September 13, 2012 - Kingpin Act Designations - Specially Designated Nationals Update

The following individuals have been added to OFAC's SDN List:

The following entities have been added to OFAC's SDN List:

OFAC Recent Actions

September 08, 2011 - The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced the designation of four Venezuelan government officials pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for acting for or on behalf of the narco-terrorist organization the Revolutionary Armed Forces of Colombia (FARC), often in direct support of its narcotics and arms trafficking activities.

As a result of today’s action, U.S. persons are generally prohibited from engaging in transactions with today’s designees and any assets that they may have under U.S. jurisdiction are frozen. OFAC designated the following individuals for sanctions today:

OFAC Press Release & OFAC Chart

October 22, 2008 - Banco Internacional de Desarrollo - The Office of Foreign Assets Control (“OFAC”) announced (October 22, 2008) that it was adding the Export Development Bank of Iran (“EDBI”) to its list of Specially Designated Nationals and Blocked Persons. The effect of the designation is to freeze all assets of the bank in the United States now or in the future. According to the press release issued in connection with the designation, the Iranian bank is assisting the Government of Iran in connection with its nuclear proliferation activities.

EDBI's Venezuelan subsidiary Banco Internacional de Desarrollo was sanctioned at same time.

NOTE: The name of the Venezuelan subsidiary is perilously similar to the Banco Interamericano de Desarrollo, otherwise known as the Inter-American Development Bank, an international banking organization in Washington, D.C. To make the situation worse, a Google search on “Banco Internacional de Desarrollo” returns the Banco Interamericano de Desarrollo as its first result. Both lookalikes are NOT sanctioned!

Major drug-producing or drug-transit country

September 15, 2011 - Under the Foreign Relations Authorization Act (FAA), the President is required each year to notify Congress of those countries he determines to be major illicit drug-producing countries or major drug-transit countries that significantly affect the United States. A country’s presence on the list does not necessarily reflect its counternarcotics efforts or its level of cooperation on illegal drug control with the United States. The designation can reflect a combination of geographic, commercial, and economic factors that allow drugs to be produced and/or trafficked through a country.

When a country on the list does not fulfill its obligations under international counter-narcotics agreements and conventions, the President determines that the country has failed demonstrably to meet its counterdrug obligations, only Bolivia, Burma, and Venezuela, failed demonstrably. Such a designation can lead to sanctions. However, the President may also execute a waiver when he determines there is a vital national interest in continuing U.S. assistance. Even without such a waiver, humanitarian assistance and counternarcotics assistance may continue.

ITAR

ITAR Based sanctions, see chapter on ITAR for more detailed information

FATF Warning List

February 22, 2013 - Venezuela no longer subject to the FATF’s on-going global AML/CFT compliance process.

FATF Public Statement

June 22, 2012 - As part of its on-going review of compliance with the AML/CFT standards, the FATF has to date identified the following jurisdiction (Venezuela) which has strategic AML/CFT deficiencies for which it has developed an action plan with the FATF. Venezuela has provided a written high-level political commitment to address the identified deficiencies. The FATF welcomes these commitments.

Note: Strategic Deficiencies Require Enhanced Due Diligence

The FATF calls on Venezuela to complete the implementation of action plans expeditiously and within the proposed timeframes. The FATF will closely monitor the implementation of these action plans and encourages its members to consider the information presented in the link.

February 16, 2012 - The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). In order to protect the international financial system from ML/FT risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.

As part of its ongoing review of compliance with the AML/CFT standards, the FATF has identified that this jurisdictions (Venezuela) has AML/CFT deficiencies for which it has developed an action plan with the FATF.

NOTE-1: Strategic deficiencies require Enhanced Due Diligence

NOTE-2: FATF members and other jurisdictions should apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/TF) risks emanating from the jurisdictions Iran and North Korea.

The FATF and the FSRBs will continue to work with this jurisdiction and to report on the progress made in addressing the identified deficiencies. The FATF calls on the jurisdiction to complete the implementation of action plans expeditiously and within the proposed time frames. All member states should treat this jurisdiction (Venezuela) with vigilance FATF Public Statement - February 16, 2012

June 24, 2011 - The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). In order to protect the international financial system from ML/FT risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.

As part of its ongoing review of compliance with the AML/CFT standards, the FATF has identified that this jurisdictions (Venezuela) has AML/CFT deficiencies for which it has developed an action plan with the FATF.

NOTE-1: Strategic deficiencies require Enhanced Due Diligence

NOTE-2: FATF members and other jurisdictions should apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/TF) risks emanating from the jurisdictions Iran and North Korea.

The FATF and the FSRBs will continue to work with this jurisdiction and to report on the progress made in addressing the identified deficiencies. The FATF calls on the jurisdiction to complete the implementation of action plans expeditiously and within the proposed time frames. All member states should treat this jurisdiction (Venezuela) with vigilance FATF Public Statement - June 24, 2011

US FinCen - AML/CFT Deficiencies Warning List

July 13, 2011 - FinCen adopted the Financial Action Task Force Public Statement on Anti-Money Laundering and Counter-Terrorist Financing Risks and FinCen provided guidance on the subject. More detailed information FIN-2011-A011 and FIN-2011-A012

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