OFAC Sanctions Venezuelan Officials
The Treasury’s Office of Foreign Assets Control sanctioned two Venezuelan government officials for fraud and corruption, Treasury said in a June 27 press release. OFAC is sanctioning Luis Alfredo Motta Dominguez, former minister of Electric Power and former president of the National Electric Corporation (CORPOELEC), and Eustiquio Jose Lugo Gomez, the deputy minister of Finance, Investments, and Strategic Alliances for the Ministry of Electric Power.
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
OFAC said both officials were partly responsible for the compromised power system in Venezuela, which it said has caused “countrywide blackouts.” “Rather than use their official positions to serve the Venezuelan people, Motta and Lugo illegally enriched themselves and contributed to the electricity crisis,” Treasury said. CORPOELEC officials have been bribed by Venezuelan businessmen since 2016 in exchange for contracts for “expensive equipment to maintain Venezuelan electrical infrastructure,” the press release said. Some of that equipment was “incompatible” with Venezuela's electrical system, “rendering them useless and contributing to the ongoing deterioration of the electrical system,” Treasury said.