OFAC Clarifies Payment Requirements under General License 60 (Earthquake Relief in Venezuela)
On July 17, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) published FAQ 1263. This new guidance provides critical clarification regarding payment obligations to the Government of Venezuela under General License 60, which authorizes transactions related to earthquake relief efforts in the country.
Key Takeaways:
- FGDF Exemption for GL 60. The guidance confirms that transactions tied to earthquake relief efforts—including the payment of local taxes, fees, and tolls to the Venezuelan Government—are not required to be deposited into the Foreign Government Deposit Funds Account (FGDF).
- Other General Licenses Remain Unchanged. The deposit requirements under other Venezuela-related GLs—including GLs 46C, 48B, 49A, 50B, 51B, 52A, and 54A—remain fully in effect.
- Strict Anti-Evasion Prohibitions. Payments for activities falling outside the scope of GL 60 but authorized under other licenses must continue to be deposited into the FGDF. OFAC explicitly warns that transactions may not be recharacterized as earthquake relief or otherwise modified to bypass the FGDF payment requirement.
Disclaimer
This report is prepared for informational purposes only and does not constitute legal advice. The interpretation and application of OFAC sanctions regulations are a complex area of U.S. law. Companies are strongly encouraged to consult qualified U.S. sanctions counsel before taking any action in reliance on this FAQ guidance or the underlying General Licenses. LEC Abogados is a Venezuelan law firm and does not practice U.S. law or provide advice on OFAC regulations. Information is current as of the date of publication.
