July 25, 2019

OFAC blocks 10 individuals and 13 entities connected to the Venezuelan economy

The Office of Foreign Assets Control of the US Department of the Treasury has designated ten individuals and thirteen entities pursuant to Executive Orders 13692 and 13850, as amended, for their positions in the Venezuelan government, their involvement in corruption connected with the government, their relationship to members of Nicolás Maduro’s regime, or their work in the Venezuelan gold sector.  Alex Nain Saab Moran and Alvaro Enrique Pulido Vargas, both Colombian nationals, were designated for engaging with insiders close to Nicolás Maduro to profit from overvalued contracts with the Venezuelan government, and for doing business with designated individuals and entities.   According to OFAC, Saab and Pulido secured contracts with the Venezuelan government by paying bribes and kickbacks to government officials, and used shell companies and business partners to launder money gained from construction deals and contracts to import and package food for Venezuela’s food subsidy program, the Comités Locales de Abastecimiento y Producción.  Two of Saab’s sons, Pulido’s son, Nicolás Maduro’s three stepsons and one of their wives, and the former Venezuelan Minister of Foreign Trade and International Investment were also designated.

As a result of OFAC’s actions, US property belonging to the designated individuals and entities is blocked, and US persons are generally prohibited from dealing with them.  

US Dept. of the Treasury press release