Rule2023-03075
Publication of Venezuela Sanctions Regulations Web General Licenses 16, 17, 18, and Subsequent Iterations
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 14, 2023
Issuing agencies
Treasury DepartmentForeign Assets Control Office
Abstract
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing seven general licenses (GLs) issued in the Venezuela Sanctions program: GLs 16, 16A, 16B, 16C, 17, 18, and 18A, each of which was previously made available on OFAC's website.
Full Text
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<title>Federal Register, Volume 88 Issue 30 (Tuesday, February 14, 2023)</title>
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[Federal Register Volume 88, Number 30 (Tuesday, February 14, 2023)]
[Rules and Regulations]
[Pages 9394-9397]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-03075]
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DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 591
Publication of Venezuela Sanctions Regulations Web General
Licenses 16, 17, 18, and Subsequent Iterations
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Publication of web general licenses.
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SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control (OFAC) is publishing seven general licenses (GLs) issued in the
Venezuela Sanctions program: GLs 16, 16A, 16B, 16C, 17, 18, and 18A,
each of which was previously made available on OFAC's website.
DATES: GLs 16, 17, and 18 were issued on March 22, 2019. See
SUPPLEMENTARY INFORMATION for additional relevant dates.
FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for
Licensing, 202-622-2480; Assistant Director for Regulatory Affairs,
202-622-4855; or Assistant Director for Sanctions Compliance &
Evaluation, 202-622-2490.
SUPPLEMENTARY INFORMATION:
Electronic Availability
This document and additional information concerning OFAC are
available on OFAC's website: <a href="http://www.treas.gov/ofac">www.treas.gov/ofac</a>.
Background
On March 22, 2019, OFAC issued GLs 16 and 17 to authorize certain
transactions otherwise prohibited by Executive Order (E.O.) 13850 of
November 1, 2018, ``Blocking Property of Additional Persons
Contributing to the Situation in Venezuela'' (83 FR 55243, November 2,
2018). Subsequently, OFAC issued three further iterations of GL 16. On
April 17, 2019, OFAC issued GL 16A, which superseded GL 16. On August
5, 2019, OFAC issued GL 16B, which superseded GL 16A and also
authorized certain transactions otherwise prohibited by E.O. 13884 of
August 5, 2019, ``Blocking Property of the Government of Venezuela''
(84 FR 38843, August 7, 2019). On November 22, 2019, OFAC incorporated
the prohibitions of E.O. 13850, as well as any other Executive orders
issued pursuant to the national emergency declared in E.O. 13692 of
March 8, 2015, ``Blocking Property and Suspending Entry of Certain
Persons Contributing to the Situation in Venezuela,'' into the
Venezuela Sanctions Regulations, 31 CFR part 591 (VSR). On March 12,
2020, OFAC issued GL 16C, which superseded GL 16B, pursuant to the VSR.
GL 17 expired on May 21, 2019.
Also on March 22, 2019, OFAC issued GL 18 to authorize certain
transactions otherwise prohibited by E.O. 13808 of August 24, 2017,
``Imposing Additional Sanctions with Respect to the Situation in
Venezuela'' (82 FR 41155, August 29, 2017) or E.O. 13850. On August 5,
2019, OFAC issued GL 18A, which superseded GL 18 and also authorized
certain transactions otherwise prohibited by E.O. 13884.
Each GL was made available on OFAC's website (<a href="http://www.treas.gov/ofac">www.treas.gov/ofac</a>)
when it was issued. The text of these GLs is provided below.
OFFICE OF FOREIGN ASSETS CONTROL
Executive Order 13850 of November 1, 2018
Blocking Property of Additional Persons Contributing to the Situation
in Venezuela
GENERAL LICENSE NO. 16
Authorizing Maintenance of U.S. Person Accounts and Noncommercial,
Personal Remittances Involving Certain Banks
(a) Except as provided in paragraph (d) of this general license,
the following transactions and activities involving Banco
[[Page 9395]]
de Venezuela, S.A. Banco Universal (Banco de Venezuela) or Banco
Bicentenario del Pueblo, de la Clase Obrera, Mujer y Comunas, Banco
Universal C.A. (Banco Bicentenario del Pueblo) prohibited by
Executive Order (E.O.) 13850, as amended by E.O. 13857 of January
25, 2019 (``Taking Additional Steps to Address the National
Emergency With Respect to Venezuela''), are authorized through 12:01
a.m. eastern daylight time, March 22, 2020:
(1) All transactions and activities ordinarily incident and
necessary to maintaining, operating, or closing accounts of U.S.
persons in Banco de Venezuela or Banco Bicentenario del Pueblo; and
(2) All transactions and activities ordinarily incident and
necessary to processing noncommercial, personal remittances.
(b) Noncommercial, personal remittances do not include
charitable donations of funds to or for the benefit of an entity or
funds transfers for use in supporting or operating a business,
including a family-owned business.
(c) U.S. financial institutions processing transactions
authorized by paragraph (a)(2) of this general license may rely on
the originator of a funds transfer with regard to compliance with
paragraph (a)(2), provided that the transferring institution does
not know or have reason to know that the funds transfer is not in
compliance with paragraph (a)(2).
(d) This general license does not authorize:
(1) Any transactions or dealings with Banco de Desarrollo
Economico y Social de Venezuela (BANDES) or Banco Bandes Uruguay
S.A. (Bandes Uruguay);
(2) The unblocking of any property blocked pursuant to E.O.
13850, as amended by E.O. 13857, or any part of 31 CFR chapter V,
except as authorized by paragraph (a); or
(3) Any transaction that is otherwise prohibited under E.O.
13850 of November 1, 2018, E.O. 13835 of May 21, 2018, E.O. 13827 of
March 19, 2018, E.O. 13808 of August 24, 2017, E.O. 13692 of March
8, 2015, each as amended by E.O. 13857, or any part of 31 CFR
chapter V, or any transactions or dealings with any blocked person
other than the blocked persons described in paragraph (a) of this
general license.
Bradley T. Smith,
Deputy Director, Office of Foreign Assets Control.
Dated: March 22, 2019.
OFFICE OF FOREIGN ASSETS CONTROL
Executive Order 13850 of November 1, 2018
Blocking Property of Additional Persons Contributing to the Situation
in Venezuela
GENERAL LICENSE NO. 16A
Authorizing Maintenance of U.S. Person Accounts and Noncommercial,
Personal Remittances Involving Certain Banks
(a) Except as provided in paragraph (e) of this general license,
all transactions and activities ordinarily incident and necessary to
maintaining, operating, or closing accounts of U.S. persons in Banco
de Venezuela, S.A. Banco Universal (Banco de Venezuela) or Banco
Bicentenario del Pueblo, de la Clase Obrera, Mujer y Comunas, Banco
Universal C.A. (Banco Bicentenario del Pueblo) prohibited by
Executive Order (E.O.) 13850, as amended by E.O. 13857 of January
25, 2019 (``Taking Additional Steps to Address the National
Emergency With Respect to Venezuela'') (E.O. 13850), are authorized
through 12:01 a.m. eastern daylight time, March 22, 2020.
(b) Except as provided in paragraph (e) of this general license,
all transactions and activities ordinarily incident and necessary to
processing noncommercial, personal remittances involving Banco de
Venezuela, Banco Bicentenario del Pueblo, or Banco Central de
Venezuela are authorized through 12:01 a.m. eastern daylight time,
March 22, 2020.
(c) Noncommercial, personal remittances do not include
charitable donations of funds to or for the benefit of an entity or
funds transfers for use in supporting or operating a business,
including a family-owned business.
(d) U.S. financial institutions processing transactions
authorized by paragraph (a) or (b) of this general license may rely
on the originator of a funds transfer with regard to compliance with
paragraph (a) or (b), provided that the transferring institution
does not know or have reason to know that the funds transfer is not
in compliance with paragraph (a) or (b).
(e) This general license does not authorize:
(1) Any transactions or dealings with Banco de Desarrollo
Economico y Social de Venezuela (BANDES) or Banco Bandes Uruguay
S.A. (Bandes Uruguay);
(2) The unblocking of any property blocked pursuant to E.O.
13850 or any part of 31 CFR chapter V, except as authorized by
paragraph (a) or (b); or
(3) Any transaction that is otherwise prohibited under E.O.
13850, E.O. 13835 of May 21, 2018, E.O. 13827 of March 19, 2018,
E.O. 13808 of August 24, 2017, E.O. 13692 of March 8, 2015, each as
amended by E.O. 13857, or any part of 31 CFR chapter V, or any
transactions or dealings with any blocked person other than the
blocked persons described in paragraph (a) or (b) of this general
license.
(f) Effective April 17, 2019, General License No. 16, dated
March 22, 2019, is replaced and superseded in its entirety by this
General License No. 16A.
Andrea Gacki,
Director, Office of Foreign Assets Control.
Dated: April 17, 2019.
OFFICE OF FOREIGN ASSETS CONTROL
Executive Order 13850 of November 1, 2018
Blocking Property of Additional Persons Contributing to the Situation
in Venezuela
Executive Order of August 5, 2019
Blocking Property of the Government of Venezuela
GENERAL LICENSE NO. 16B
Authorizing Maintenance of U.S. Person Accounts and Noncommercial,
Personal Remittances Involving Certain Banks
(a) Except as provided in paragraph (e) of this general license,
all transactions and activities ordinarily incident and necessary to
maintaining, operating, or closing accounts of U.S. persons in Banco
de Venezuela, S.A. Banco Universal (Banco de Venezuela), Banco
Bicentenario del Pueblo, de la Clase Obrera, Mujer y Comunas, Banco
Universal C.A. (Banco Bicentenario del Pueblo), or Banco del Tesoro,
C.A. Banco Universal (Banco del Tesoro) prohibited by Executive
Order (E.O.) 13850, as amended by E.O. 13857 of January 25, 2019, or
E.O. of August 5, 2019, are authorized through 12:01 a.m. eastern
daylight time, March 22, 2020.
(b) Except as provided in paragraph (e) of this general license,
all transactions and activities ordinarily incident and necessary to
processing noncommercial, personal remittances involving Banco de
Venezuela, Banco Bicentenario del Pueblo, Banco del Tesoro, or Banco
Central de Venezuela are authorized through 12:01 a.m. eastern
daylight time, March 22, 2020.
(c) Noncommercial, personal remittances do not include
charitable donations of funds to or for the benefit of an entity or
funds transfers for use in supporting or operating a business,
including a family-owned business.
(d) U.S. financial institutions processing transactions
authorized by paragraph (a) or (b) of this general license may rely
on the originator of a funds transfer with regard to compliance with
paragraph (a) or (b), provided that the transferring institution
does not know or have reason to know that the funds transfer is not
in compliance with paragraph (a) or (b).
(e) This general license does not authorize:
(1) Any transactions or dealings with Banco de Desarrollo
Economico y Social de Venezuela (BANDES) or Banco Bandes Uruguay
S.A. (Bandes Uruguay);
(2) The unblocking of any property blocked pursuant to E.O. of
August 5, 2019, E.O. 13850, as amended, or any part of 31 CFR
chapter V, except as authorized by paragraph (a) or (b); or
(3) Any transaction that is otherwise prohibited by E.O. of
August 5, 2019, or E.O. 13850, E.O. 13835 of May 21, 2018, E.O.
13827 of March 19, 2018, E.O. 13808 of August 24, 2017, or E.O.
13692 of March 8, 2015, each as amended by E.O. 13857, or any part
of 31 CFR chapter V, or any transactions or dealings with any
blocked person other than the blocked persons described in paragraph
(a) or (b) of this general license.
(f) Effective August 5, 2019, General License No. 16A, dated
April 17, 2019, is replaced and superseded in its entirety by this
General License No. 16B.
Andrea Gacki,
Director, Office of Foreign Assets Control.
Dated: August 5, 2019.
OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR Part 591
GENERAL LICENSE NO. 16C
Authorizing Maintenance of U.S. Person Accounts and Noncommercial,
Personal Remittances Involving Certain Banks
(a) Except as provided in paragraph (e) of this general license,
all transactions and activities prohibited by Executive Order (E.O.)
13850 of November 1, 2018, as amended by E.O. 13857 of January 25,
2019,
[[Page 9396]]
or by E.O. 13884 of August 5, 2019, each as incorporated into the
Venezuela Sanctions Regulations, 31 CFR part 591 (the VSR), that are
ordinarily incident and necessary to maintaining, operating, or
closing accounts of U.S. persons in Banco de Venezuela, S.A. Banco
Universal (Banco de Venezuela), Banco Bicentenario del Pueblo, de la
Clase Obrera, Mujer y Comunas, Banco Universal C.A. (Banco
Bicentenario del Pueblo), or Banco del Tesoro, C.A. Banco Universal
(Banco del Tesoro) are authorized.
(b) Except as provided in paragraph (e) of this general license,
all transactions and activities prohibited by E.O. 13850, as
amended, or by E.O. 13884, each as incorporated into the VSR, that
are ordinarily incident and necessary to processing noncommercial,
personal remittances involving Banco de Venezuela, Banco
Bicentenario del Pueblo, Banco del Tesoro, or Banco Central de
Venezuela are authorized.
(c) Noncommercial, personal remittances do not include
charitable donations of funds to or for the benefit of an entity or
funds transfers for use in supporting or operating a business,
including a family-owned business.
(d) U.S. financial institutions processing transactions
authorized by paragraph (a) or (b) of this general license may rely
on the originator of a funds transfer with regard to compliance with
paragraph (a) or (b), provided that the transferring institution
does not know or have reason to know that the funds transfer is not
in compliance with paragraph (a) or (b).
(e) This general license does not authorize:
(1) Any transactions or activities with Banco de Desarrollo
Economico y Social de Venezuela (BANDES) or Banco Bandes Uruguay
S.A. (Bandes Uruguay);
(2) The unblocking of any property blocked pursuant to the VSR,
or any other part of 31 CFR chapter V, except as authorized by
paragraph (a) or (b); or
(3) Any transactions or activities otherwise prohibited by the
VSR, or any other part of 31 CFR chapter V, or any transactions or
activities with any blocked person other than the blocked persons
identified in paragraph (a) or (b) of this general license.
(f) Effective March 12, 2020, General License No. 16B, dated
August 5, 2019, is replaced and superseded in its entirety by this
General License No. 16C.
Andrea Gacki,
Director, Office of Foreign Assets Control.
Dated: March 12, 2020.
OFFICE OF FOREIGN ASSETS CONTROL
Executive Order 13850 of November 1, 2018
Blocking Property of Additional Persons Contributing to the Situation
in Venezuela
GENERAL LICENSE NO. 17
Authorizing Certain Activities Necessary to Wind Down of Operations or
Existing Contracts With Certain Banks
(a) Except as provided in paragraph (b) of this general license,
all transactions and activities prohibited by Executive Order (E.O.)
13850, as amended by E.O. 13857 of January 25, 2019 (``Taking
Additional Steps to Address the National Emergency With Respect to
Venezuela''), that are ordinarily incident and necessary to the wind
down of operations, contracts, or other agreements involving Banco
de Venezuela, S.A. Banco Universal (Banco de Venezuela), Banco
Bicentenario del Pueblo, de la Clase Obrera, Mujer y Comunas, Banco
Universal C.A. (Banco Bicentenario del Pueblo), or Banco Prodem S.A.
that were in effect prior to March 22, 2019, are authorized through
12:01 a.m. eastern daylight time, May 21, 2019.
(b) This general license does not authorize:
(1) Any transactions or dealings with Banco de Desarrollo
Economico y Social de Venezuela (BANDES) or Banco Bandes Uruguay
S.A. (Bandes Uruguay);
(2) The unblocking of any property blocked pursuant to E.O.
13850, as amended by E.O. 13857, or any part of 31 CFR chapter V,
except as authorized by paragraph (a); or
(3) Any transactions or dealings otherwise prohibited by E.O.
13850 of November 1, 2018, E.O. 13835 of May 21, 2018, E.O. 13827 of
March 19, 2018, E.O. 13808 of August 24, 2017, E.O. 13692 of March
8, 2015, each as amended by E.O. 13857, or any part of 31 CFR
chapter V, or any transactions or dealings with any blocked person
other than the blocked persons identified in paragraph (a) of this
general license.
Bradley T. Smith,
Deputy Director, Office of Foreign Assets Control.
Dated: March 22, 2019.
OFFICE OF FOREIGN ASSETS CONTROL
Executive Order 13808 of August 24, 2017
Imposing Additional Sanctions With Respect to the Situation in
Venezuela
Executive Order 13850 of November 1, 2018
Blocking Property of Additional Persons Contributing to the Situation
in Venezuela
GENERAL LICENSE NO. 18
Authorizing Certain Transactions Involving Integraci[oacute]n
Administradora de Fondos de Ahorro Previsional, S.A.
(a) Except as provided in paragraph (c) of this general license,
all transactions and activities prohibited by Section 1(b) of
Executive Order (E.O.) 13808, as amended by E.O. 13857 of January
25, 2019 (``Taking Additional Steps to Address the National
Emergency With Respect to Venezuela''), or E.O. 13850, as amended by
E.O. 13857, that are ordinarily incident and necessary to maintain
or operate Integraci[oacute]n Administradora de Fondos de Ahorro
Previsional, S.A., whose fund administrator is owned 50 percent or
more by Banco Bandes Uruguay S.A. (Bandes Uruguay), are authorized.
(b) For the purposes of this general license, the transactions
and activities authorized in paragraph (a) include the purchase from
or sale to the Integraci[oacute]n Administradora de Fondos de Ahorro
Previsional, S.A. of securities or serving as a custodian for
securities held by the Integraci[oacute]n Administradora de Fondos
de Ahorro Previsional, S.A.
(c) This general license does not authorize:
(1) Any transactions or dealings with Banco de Desarrollo
Economico y Social de Venezuela (BANDES), or any transactions or
dealings with Bandes Uruguay, other than as authorized by paragraph
(a) of this general license;
(2) The unblocking of any property blocked pursuant to E.O.
13850, as amended by E.O. 13857, or any part of 31 CFR chapter V,
except as authorized by paragraph (a); or
(3) Any transaction that is otherwise prohibited under E.O.
13850 of November 1, 2018, E.O. 13835 of May 21, 2018, E.O. 13827 of
March 19, 2018, E.O. 13808 of August 24, 2017, E.O. 13692 of March
8, 2015, each as amended by E.O. 13857, or any part of 31 CFR
chapter V, or any transactions or dealings with any blocked person
other than the blocked persons described in paragraph (a) of this
general license.
Bradley T. Smith,
Deputy Director, Office of Foreign Assets Control.
Dated: March 22, 2019.
OFFICE OF FOREIGN ASSETS CONTROL
Executive Order 13808 of August 24, 2017
Imposing Additional Sanctions With Respect to the Situation in
Venezuela
Executive Order 13850 of November 1, 2018
Blocking Property of Additional Persons Contributing to the Situation
in Venezuela
Executive Order of August 5, 2019
Blocking Property of the Government of Venezuela
GENERAL LICENSE NO. 18A
Authorizing Certain Transactions Involving Integraci[oacute]n
Administradora de Fondos de Ahorro Previsional, S.A.
(a) Except as provided in paragraph (c) of this general license,
all transactions and activities prohibited by Section l(b) of
Executive Order (E.O.) 13808 or by E.O. 13850, each as amended by
E.O. 13857 of January 25, 2019, or by E.O. of August 5, 2019, that
are ordinarily incident and necessary to maintain or operate
Integraci[oacute]n Administradora de Fondos de Ahorro Previsional,
S.A., whose fund administrator is owned 50 percent or more by Banco
Bandes Uruguay S.A. (Bandes Uruguay), are authorized.
(b) For the purposes of this general license, the transactions
and activities authorized in paragraph (a) include the purchase from
or sale to the Integraci[oacute]n Administradora de Fondos de Ahorro
Previsional, S.A. of securities or serving as a custodian for
securities held by the Integraci[oacute]n Administradora de Fondos
de Ahorro Previsional, S.A.
(c) This general license does not authorize:
(1) Any transactions or dealings with Banco de Desarrollo
Economico y Social de Venezuela (BANDES), or any transactions or
dealings with Bandes Uruguay, other than as authorized by paragraph
(a) of this general license;
(2) The unblocking of any property blocked pursuant to E.O. of
August 5, 2019, or E.O. 13850, as amended, or any part of 31 CFR
chapter V, except as authorized by paragraph (a); or
(3) Any transaction that is otherwise prohibited by E.O. of
August 5, 2019, or E.O.
[[Page 9397]]
13850, E.O. 13835 of May 21, 2018, E.O. 13827 of March 19, 2018,
E.O. 13808, or E.O. 13692 of March 8, 2015, each as amended by E.O.
13857, or any part of 31 CFR chapter V, or any transactions or
dealings with any blocked person other than the blocked persons
described in paragraph (a) of this general license.
(d) Effective August 5, 2019, General License No. 18, dated
March 22, 2019, is replaced and superseded in its entirety by this
General License No. 18A.
Andrea Gacki,
Director, Office of Foreign Assets Control.
Dated: August 5, 2019.
Andrea M. Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2023-03075 Filed 2-13-23; 8:45 am]
BILLING CODE 4810-AL-P
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</html>Indexed from Federal Register on February 14, 2023.
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