OFAC designates four Venezuelan officials

The US Department of the Treasury’s Office of Foreign Assets Control (‘OFAC’) has designated four current or former Venezuelan officials in connection with ‘the economic mismanagement and endemic corruption’ of President Maduro’s regime (19 March).

The OFAC designations were issued in conjunction with an executive order addressing attempts by the Maduro regime to ‘circumvent US sanctions by issuing a digital currency in a process that Venezuela’s democratically elected National Assembly has denounced as unlawful.’ The executive order prohibits US persons and those under US jurisdiction from engaging in all transactions relating to the provision of financing for deals in any digital currency, digital coin or digital token issued by or on behalf of the Venezuelan government.

The individuals designated are:

• Américo Alex Mata García (Mata), an Alternate Director on the Board of Directors of the National Bank of Housing and Habitat, also known as BANAVIH, under the Ministry of Popular Power for Habitat and Housing.
• Willian Antonio Contreras (Contreras) the National Superintendent of the Superintendency for the Defense of Socioeconomic Rights (SUNDDE), the agency responsible for imposing price controls in Venezuela. He is also the Vice Minister of Internal Commerce within the Ministry of Popular Power of Economy and Finance.
• Nelson Reinaldo Lepaje Salazar (Lepaje), who currently acts as Head of the Office of the National Treasury of Venezuela.
• Carlos Alberto Rotondaro Cova (Rotondaro), former President of the Board of Directors of the Venezuelan Institute of Social Security (IVSS), the government agency which provides patients with drugs for chronic conditions.

OFAC has released FAQs relating to the executive order and also separate FAQs on digital currencies.

OFAC’s FAQs on digital currencies can be found here:
https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_compliance.aspx#vc_faqs

OFAC’s FAQ relating to the executive order can be found here:
https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_other.aspx#vz_eo_petro

Information on OFAC’s recent action can be found here:
https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20180319.aspx

The executive order can be found here:
https://www.whitehouse.gov/presidential-actions/executive-order-taking-additional-steps-address-situation-venezuela/