Skip to main content
Menu Icon Menu Icon
Close

InfoBytes Blog

Financial Services Law Insights and Observations

OFAC amends Venezuela-related general license, delays effective date

Financial Crimes Department of Treasury OFAC Venezuela Of Interest to Non-US Persons

Financial Crimes

On October 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued amended Venezuela General License (GL) 5A to highlight a delay in effectiveness and clarify that prior to January 22, 2020, certain transactions related to the financing for, and other dealings in the Petróleos de Venezuela SA 2020 8.5 Percent Bond are prohibited under Executive Orders 13835 and 13857, unless specifically authorized by OFAC. OFAC also published a new FAQ to provide additional guidance on the reason for the issues of GL 5A.

Visit here for additional InfoBytes coverage of actions related to Venezuela.

Share page with AddThis