Enforcement Release - Banco Popular de Puerto Rico

Date issued: May. 27 2022

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TURBOFAC Commentary (471 words)

Notes:

1) "Government of Venezuela" - Personal and Representative Capacity

Up through the release of these enforcement actions, it was not clear whether OFAC would read EO 13884 so as to prohibit dealings with GoV employees, even low-level ones, acting in their personal capacities, rather than on behalf of the government in the context of any particular transaction involving a U.S. person. The wording of Venezuela General License 34 suggested a likelihood that OFAC would take that position, with a GL that applied to dealings with “[c]urrent employees and contractors of the Government of Venezuela who provide health or education services in Venezuela, including at hospitals, schools, and universities” (suggesting that “current employees” of other types of entities were blocked even when acting in their personal capacities). It is now clear that...