What 31 CFR Part 591 (Venezuela Sanctions Regulations) - OFAC Blocking, Licensing and Reporting requires
31 CFR Part 591, the Venezuela Sanctions Regulations, implements the U.S. sanctions on Venezuela administered by the Office of Foreign Assets Control under a series of Executive Orders, including the blocking of the Government of Venezuela. All property and interests in property of persons designated under the program, and of the Government of Venezuela, that are in the United States or in the possession or control of a U.S. person are blocked and may not be transferred, paid, exported, withdrawn or otherwise dealt in. Consistent with OFAC's 50 Percent Rule, an entity owned 50 percent or more, directly or indirectly, in the aggregate by one or more blocked persons is itself blocked. Transactions that would otherwise be prohibited require an OFAC general or specific license, and payments and transfers to a blocked person must be placed in a blocked account in a U.S. financial institution. U.S. persons must report blocked property and rejected transactions to OFAC within 10 business days and file the annual report of blocked property, must maintain full records for at least five years, and are subject to civil and criminal penalties under the International Emergency Economic Powers Act for violations.
Pillar: Financial Crime, AML & Sanctions · Authority: US Department of the Treasury Office of Foreign Assets Control (OFAC) · Version: 1.0.0 · Last updated:
Primary source: https://www.ecfr.gov/current/title-31/subtitle-B/chapter-V/part-591
SHA-256 integrity: cc6b48624f308c4bec46382a8e003bf20d9018604e0804931046d48e84eb264e
Primary Citations — 8 traced to source
- Executive Orders 13692, 13808, 13827, 13835, 13850 and 13884 - blocking property and prohibiting transactions with respect to Venezuela
- International Emergency Economic Powers Act, 50 U.S.C. 1701-1708 - statutory authority and penalties (50 U.S.C. 1705)
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