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Financial Services Law Insights and Observations

OFAC issues amended Venezuela-related general license and FAQ

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

Financial Crimes

On October 6, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Venezuela General License (GL) 5E, which supersedes GL 5D and authorizes certain transactions otherwise prohibited under Executive Orders 13835 and 13857 related to, or that provide financing for, dealings in the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or after January 19, 2021. Concurrently, OFAC amended a Venezuela-related frequently asked question regarding GL 5E.

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