By Kyle Brasseur2023-10-20T12:28:00
The U.S. Treasury Department dialed back certain of its sanctions against Venezuela after the latter’s government and an opposition faction agreed to work together toward the prospect of a presidential election in 2024.
The Treasury’s decision, announced Wednesday, followed the agreement between Venezuela President Nicolás Maduro and the country’s Unitary Platform on an electoral roadmap. Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson noted the United States’ actions are conditional and could be revoked at any time, should the Venezuela government not follow through on its commitments.
Sanctions changes announced by the Treasury included:
2023-10-27T15:36:00Z By Aaron Nicodemus
The Treasury Department’s Office of Foreign Assets Control imposed a second round of sanctions on investment entities believed to be funding the terrorist organization Hamas.
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Puerto Rico-based Bancrédito International Bank and Trust Corporation was assessed a $15 million penalty by the Financial Crimes Enforcement Network for admitted violations of the Bank Secrecy Act regarding suspicious activity monitoring and anti-money laundering compliance.
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Uphold HQ will pay $72,230 to settle charges levied by the Office of Foreign Assets Control that it processed sanctioned transactions for persons in Iran and Cuba and government employees in Venezuela.
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A brokerage and investment firm will pay $11.8 million for providing services to individuals under U.S. sanctions, as well as people located in countries sanctioned by the U.S.
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A Connecticut-based audio electronics company will pay a $1.4 million fine for violating U.S. sanctions, after middle managers at a foreign distributor knowingly diverted the company’s products to Iran.
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A Delaware logistics company paid a $608,825 fine for violating U.S. sanctions on Cuba, a breach that the company self-disclosed to the U.S. Treasury’s Office of Foreign Assets Control (OFAC).
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