- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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:
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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.
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.
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.
The EU and U.K. have rushed to commit themselves to intensifying action on sanctions evasion after U.S. President-elect Donald Trump’s victory, but any compliance managers who believe Trump will make global sanctions compliance easier in 2025 are likely to be disappointed.
With a new political regime ready to take over in the U.S., the effectiveness of sanctions against malign foreign actors like Russia, North Korea, and Iran have come into question. While the European Union and U.K. have increased sanctions pressure, critics have publicly asked: Is it enough?
The U.K. has issued 56 new sanctions against entities and individuals involved with Russia’s war effort, including several private mercenary groups operating in Africa that are connected to the Kremlin.
