In short
- OFAC deleted three entities from the SDN List, including MODULSAN MAKINA KESICI TAKIM VE DISLI SANAYI TICARET LIMITED SIRKETI with Registration Number 602993.
- OFAC amended Venezuela-related Frequently Asked Question, FAQ 595, as part of its recent actions.
What happened
OFAC released General License 5Z, which permits certain transactions involving the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond starting November 5, 2026. Additionally, OFAC amended Venezuela-related FAQ 595 to clarify compliance requirements.
OFAC updated the Specially Designated Nationals and Blocked Persons List by removing three entities: Jose Raul Vega Sanchez, Hans Peter Bomatter, and MODULSAN MAKINA KESICI TAKIM VE DISLI SANAYI TICARET LIMITED SIRKETI, including their associated details and identifiers.
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Venezuela-related General License 5Z, "Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After November 5, 2026.
In numbers
- 5Z General License number
- 8.5 Percent Bond interest rate
- 602993 MODULSAN Registration Number
Designated in this action
Organization, regulator US — —
What compliance teams should check
- Review and update screening procedures for Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond transactions permitted by General License 5Z.
- Remove MODULSAN MAKINA KESICI TAKIM VE DISLI SANAYI TICARET LIMITED SIRKETI (Registration Number 602993) from internal watchlists and blocked parties lists.
- Update compliance protocols to reflect changes in Venezuela-related FAQ 595 as amended by OFAC.
Why it matters
OFAC's issuance of General License 5Z and the amendment of FAQ 595 directly impact compliance obligations for transactions involving Venezuelan bonds, requiring careful review of permitted activities. The removal of specific entities from the SDN List, including MODULSAN MAKINA KESICI TAKIM VE DISLI SANAYI TICARET LIMITED SIRKETI, means compliance officers must promptly update screening and monitoring systems to avoid unnecessary blocking or reporting. These changes underscore the need for real-time updates to sanctions lists and guidance documents to ensure accurate and effective AML/CFT controls.
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