Does Venezuela implement an autonomous sanctions regime?
What is the nature of the sanctions regime in Venezuela?
Venezuela’s sanctions regime consists of UN sanctions. There is no autonomous sanctions regime in Venezuela.
Does Venezuela maintain a list of sanctioned individuals and entities?
Are there any other lists related to sanctions?
Does Venezuela have a licensing or authorisation system in place?
What are the consequences for a breach of sanctions in Venezuela?
There are no legislative provisions implementing UN sanctions. As such any breaches are treated as an infringement of the general legal framework. Penalties for sanctions breaches are imposed by the relevant governmental body overseeing the particular industry. For instance, if a bank were to breach sanctions, the banking regulatory authority would be responsible for enforcement. Penalties include fines, and in the case of individuals, disqualification from office. Institutions are also entitled to bring legal action against CEOs or officers of companies found to be breaching sanctions.
Who are the relevant regulators in Venezuela and what are their contact details?
Eversheds Sutherland is the name and brand under which the members of Eversheds Sutherland Limited (Eversheds Sutherland (International) LLP and Eversheds Sutherland (US) LLP) and their respective controlled, managed and affiliated firms and the members of Eversheds Sutherland (Europe) Limited (each an "Eversheds Sutherland Entity" and together the "Eversheds Sutherland Entities") provide legal or other services to clients around the world. Eversheds Sutherland Entities are constituted and regulated in accordance with relevant local regulatory and legal requirements and operate in accordance with their locally registered names. The use of the name Eversheds Sutherland, is for description purposes only and does not imply that the Eversheds Sutherland Entities are in a partnership or are part of a global LLP. The responsibility for the provision of services to the client is defined in the terms of engagement between the instructed firm and the client.