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Financial Services Law Insights and Observations

OFAC extends Venezuela-related general license

Financial Crimes Of Interest to Non-US Persons OFAC Venezuela Sanctions

Financial Crimes

On July 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced General License (GL) 8B, titled “Authorizing Transactions Involving Petroleos de Venezuela, S.A. (PdVSA) Necessary for Maintenance of Operations for Certain Entities in Venezuela,” which supersedes GL 8A to extend the expiration date through October 25.

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