Aggregated News From Investment Management Regulators

Restrictive measures against Venezuela

Report/Flag

Please complete the required fields.



Overview of current sanctions measures

Current financial sanction measures implemented by Jersey, in view of the continuing deterioration of democracy, the rule of law and human rights in Venezuela, include:

  • Travel restrictions
  • Subject to certain derogations, freezing of funds and economic resources
  • Arms embargo
  • Restrictions on equipment used for internal repression and telecommunications

Latest news

29 June 2020

Council Implementing Regulation (EU) 2020/897 (“the Amending Regulation”) was published in the Official Journal of the European Union by the Council of the European Union. The Amending Regulation amended Annex IV to the Regulation (EU) 2017/2063 and added 11 entries to the list of designated persons subject to an asset freeze, with effect from 29 June 2020.

19 December 2019

Corrigendum to Council Implementing Regulation (EU) 2019/1891 ​was published in the Official Journal of the European Union​. Identifying information for one entity has been corrected​.

12 November 2019

Council Implementing Regulation (EU) 2019/1891 (“the Amending Regulation”) was published in the Official Journal of the European Union. The list of designated persons on Annex IV to the Council Regulation (EU) No 2017/2063 has been amended with effect from 13 November 2019.

27 September 2019

Council Implementing Regulation (EU) 2019/1586 (“the Amending Regulation”) was published in the Official Journal of the European Union. The list of designated persons on Annex IV to the Council Regulation (EU) No 2017/2063 has been amended with effect from 27 September 2019.

9 July 2019

Council Implementing Regulation (EU) 2019/1169 ( the Amending Regulation) was published in the Official Journal of the European Union by the Council of the European Union. The list of designated persons on Annex IV to the Council Regulation (EU) No 2017/2063 has been amended with effect from 10 July 2019.

Jersey regime

Having regard to Council Decision (CFSP) 2017/2074, the European Community introduced Council Regulation (EU) No 2017/2063 concerning certain restrictive measures in view of the situation in Venezuela (the EU Council Regulation) and imposed asset freeze on persons undermining democracy or obstructing the search for a political solution in Venezuela, as well as persons responsible for serious violations of human rights in the country.

The EU Legislation (Sanctions – Venezuela) (Jersey) Order 2017 (the Venezuela Order) (in force from 23rd November 2017) gives effect to, and applies the EU Council Regulation. The Order also contains an ambulatory reference (Article 2) to an Annex to the EU Council Regulation. The effect of ambulatory provisions is such that whenever the Annexes to the EU Council Regulation are amended by way of Council Implementing Regulation (new entries added, existing entries modified or removed) that change takes effect automatically in Jersey without the need for any amendment to this Order.

Under the Sanctions and Asset-Freezing (General Provisions) (Jersey) Order 2019 (the GPO), all of the standard general provisions, contained in Articles 3 to 8 of the GPO, must be read as part of the Venezuela Order. As the Venezuela Order is also a “prior EU sanctions Order”, the additional provisions in the Schedule to the GPO must be read as part of the Venezuela Order.

As stipulated in the Venezuela Order, any person who:

  • contravenes Article 2, 3, 6, 7(1), 8 or 14 of the EU Council Regulation; or
  • intentionally furnishes false information or a false explanation to any person (the Minister or any authorised person by the Minister) exercising powers under paragraph 1 of the Schedule to the GPO; or
  • with intent to evade furnishing information or producing documents in accordance with paragraph 1 of the Schedule to the GPO, destroys, mutilates, defaces, secretes or removes any document, or

any person who, without reasonable excuse:

  • fails to comply with a request for information (or for a document or an explanation), made by the Minister (or by a person authorised by the Minister) under paragraph 1 of the Schedule to the GPO; or
  • contravenes Article 12(1) of the EU Council Regulation,

is guilty of an offence and liable on conviction to a term of imprisonment and a fine.

Legal acts

European Union

As the original EU Council Regulation has been subject to amendment, the individual amending EU Regulations and the latest consolidated version of the original EU Council Regulation can be found on the EUR-Lex website.

To view the latest consolidated version using this website enter the number of the Regulation you wish to view into the search bar. This should bring up the relevant Regulation as the top search hit. Then click on the date which is hyperlinked after ‘Latest consolidated version’.

Jersey Legislation on Jersey Legal Information Board

  • EU Legislation (Sanctions – Venezuela) (Jersey) Order 2017
  • Sanctions and Asset-Freezing (General Provisions) (Jersey) Order 2019
  • Sanctions and Asset-Freezing (Jersey) Law 2019

Further information

Useful information is provided on gov.uk regarding Financial sanctions, Venezuela

Regulator Information

Abbreviation: JFSC
Jurisdiction: Jersey

Recent Articles

Marielle Cohen-Branche is reappointed as AMF Ombudsman for a three-year term

After consultation with the Board and on appointment by AMF Chairman Robert Ophèle, Marielle Cohen-Branche started her fourth term as the AMF Ombudsman on 12 November.

Impossibility of acquiring shares of Companies in Participation Account by Real Estate Funds

This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content...

Information regarding the company IRB-BRASIL RESSEGUROS SA

This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content...

Volume 44, Issue 47

This news item was originally published by the Ontario Securities Commission (OSC CA). For more information, see the Read more

OSC Staff Notice: 51-732 – Corporate Finance Branch 2021 Annual Report

This news item was originally published by the Ontario Securities Commission (OSC CA). For more information, see the Read more

Get the latest from Regulatory.News in your inbox!

×