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Publication of Venezuela Sanctions Regulations Web General Licenses 50A and 51A
Plain English Summary
The U.S. Treasury Department has released two new general licenses related to sanctions on Venezuela, known as GL 50A and GL 51A. These licenses provide specific permissions for certain activities that were previously restricted under the Venezuela Sanctions Regulations. Insurance agents should review these licenses to understand the new permissions and ensure compliance in their operations involving Venezuela.
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The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing two general licenses (GLs) issued pursuant to the Venezuela Sanctions Regulations: GLs 50A and 51A, each of which was previously made available on OFAC's website.