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Updated US sanctions regime for Cuba, Nicaragua and Venezuela

The USA announced a new policy against Cuba, Venezuela and Nicaragua after naming the 3 countries the Latin American Terror Triangle.

The new sanction regime includes currency remittance limitation to Cuba of $1000 per quarter, new names in black lists and financial sections to the 3 countries.

The national and state-owned banks of Nicaragua and Venezuela have been sanctioned in order to weaken the illegal regimes and to foster change in their socialist practices (as reported by sources).

As part of the measures, 3 general licenses were generated 1) humanitarian aid, 2) personal remittances (subject to controls) and 3) exports of agricultural and medical products.

The new regime of sanctions and restrictions includes the designation of Laureano Ortega Murillo (Nicaragua’s president Ortega son) and Banco Corporativo SA.

Source

https://www.riskscreen.com/kyc360/news/us-blacklists-venezuelas-central-bank-targets-cuba-and-nicaragua/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.

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