Frequently Asked Questions

1233. Are all entities engaged in a transaction authorized by Venezuela General License (GL) 46 required to have contracts with the dispute resolution requirement included in paragraph (a)(1)?

1233 … No. The dispute resolution requirement in paragraph (a)(1) of GL 46 applies only to contracts governing transactions undertaken by an established U.S. entity when the contract is with the Government of Venezuela (GOV), Petróleos de Venezuela, S.A. (PdVSA), or any entity in which PdVSA owns,… Read more

1234. How does a financial institution verify a transaction is compliant with Venezuela General License (GL) 46?

1234 … In connection with its normal due diligence, a financial institution may rely on the statements of its customer that the transaction is consistent with the terms of GL 46 , unless it knows or has reason to know otherwise. … How does a financial institution verify a transaction is compliant… Read more

Frequently Asked Questions

Office of Terrorism and Financial Intelligence