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March 9, 2015

Venezuela Joins the US Department of Treasury's Sanction List

Venezuela SanctionsThe Office of Foreign Assets Control (OFAC) of the US Department of Treasury has added Venezuela to their sanctions list joining 26 other programs as of March 9, 2015. For Venezuela and other OFAC sanction countries, it is important to obtain full shipper and consignee details to ensure proper screening for handling the shipment. It is also best practice to use an automated denied persons screening software to identify OFAC sanctioned programs and denied parties. Please inquire with you JAS representative regarding programs and screening software that JAS has to offer!

Avalon offers advice for when dealing with OFAC sanctioned countries:

"Avalon encourages you to take special precautions when dealing with OFAC sanctioned countries to avoid any E&O exposures or costly export violations.  We understand that trading with companies within sanctioned countries carries the increased risk of claims and legal matters. Government imposed fees and fines can be crippling especially when added to the cost of legal expenses.  Expanded Regulatory Defense coverage can assist with the legal expense required to defend your company."

 

Get more information from the Office of Foreign Assets Control (OFAC).

Share: https://compliance.jas.com/ComplianceBlog/Blog24/Venezuela-is-Added-to-the-OFAC-Sanctions-List

 

 

 

 

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