Venezuela

Global sanctions guide

United States of America
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  1. Does Venezuela have a sanctions regime in place?

Yes.

  1. Does Venezuela implement UN sanctions?

Yes.

  1. Does Venezuela implement an autonomous sanctions regime?

No.

  1. 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.

  1. Does Venezuela maintain a list of sanctioned individuals and entities?

No.

  1. Are there any other lists related to sanctions?

No.

  1. Does Venezuela have a licensing or authorisation system in place?

No.

  1. 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.

  1. Who are the relevant regulators in Venezuela and what are their contact details?

N/A.

Contributor law firm

José Gregorio Torrealba R., Hoet Pelaez Castillo & Duque, Av. Venezuela, Edificio Atrium, piso 3, oficina única. Urb. El Rosal, Caracas 1060, Venezuela

T: (+58) 212 20 85 78
F: (+58) 212 263 77 44
jtorrealba@hpcd.com
http://www.hpcd.com/home/