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Financial Sanctions: Venezuela

Thursday, 25 March 2021

This news release is issued to publicise the amendment of one entry under the Venezuela sanctions regime.

The Venezuela (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/135) were made under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act) and provide for the freezing of funds and economic resources of certain persons, entities or bodies involved in a serious human rights violation or abuse in Venezuela, the repression of civil society and democratic opposition in Venezuela or other actions, policies or activities which undermine democracy or the rule of law in Venezuela. The Venezuela (Sanctions) (EU Exit) Regulations 2019 have effect in the Isle of Man by the Venezuela Sanctions (Application) Regulations 2020 [SD 2020/0473].

On 25 March 2021 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under regulations made under the Sanctions Act .

The following entry has been amended and is still subject to an asset freeze.  

  • Delcy Eloina RODRIGUEZ GOMEZ (Group ID: 13687)

Full details can be found in the attached Annex to this news release.

Financial institutions and other persons are requested to check whether they maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, the designated individual and entity. If so, they must freeze such accounts or other funds and, unless licensed by the Treasury, refrain from dealing with said funds or economic resources, and suspend the provision of any financial services. They must also report their findings to the FIU. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated individual and entity they are not required to report these details again.

Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.

Further details of the sanctions regime related to Venezuela and links to the UK’s Consolidated List of Individuals and entities subject to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.

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