OFAC Issues Paraguay Sanctions, General Licenses
The Office of Foreign Assets Control this week sanctioned Horacio Manuel Cartes Jara and Hugo Adalberto Velazquez Moreno, the former president and current vice president of Paraguay, respectively, for significant corruption. The agency also sanctioned Tabacos USA Inc., Bebidas USA Inc., Dominicana Acquisition S.A. and Frigorifico Chajha S.A.E. for being owned by Cartes.
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New General License No. 5 authorizes certain transactions related to Frigorifico Chajha through 12:01 a.m. EST on March 27. Other transactions necessary to facilitating, clearing and settling trades of debt or equity of Frigorifico Chajha are also authorized through 12:01 a.m. EST on March 27 as long as they were placed by 4 p.m. EST Jan. 26. Certain transactions related to the wind down of derivative contracts entered into before 4 p.m. EST on Jan. 26 that include Frigorifico Chajha as a counterparty or are linked to the debt or equity of Frigorifico Chajha are authorized through 12:01 a.m. EST on March 27.
New General License No. 6 authorizes certain wind-down transactions with Bebidas, Tabacos USA, Frigorifico Chajha, Dominicana Acquisition or any entity owned by 50% or more by Cartes. Those transactions are authorized through 12:01 a.m. EST March 27.
OFAC issued two new frequently asked questions to outline in more detail what each license authorizes.