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ARTICLE · 04 APRIL 2019

OFAC Sanctions Venezuelan National Development Bank

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Pursuant to Executive Order 13850, the U.S. Treasury Department ("Treasury") Office of Foreign Assets Control ("OFAC") designated Venezuela's national development ...

United StatesInternational Law
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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Pursuant to Executive Order 13850, the U.S. Treasury Department ("Treasury") Office of Foreign Assets Control ("OFAC") designated Venezuela's national development bank and four subsidiaries for enabling the regime of Nicolas Maduro.

Treasury Secretary Steven T. Mnuchin stated that "regime insiders have transformed [the bank] and its subsidiaries into vehicles to move funds abroad in an attempt to prop up Maduro." The designations come after the "illegal" arrest of President Guaido's aide. Secretary Mnuchin called for Roberto Marrero and other political prisoners to be released immediately.

In conjunction with this action, OFAC issued five Venezuela-related General Licenses ("GLs") (i.e., GL 4A, 15, 16, 17 and 18) and two FAQs explaining the GLs and sanctions.

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