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Nicaraguan National And Venezuelan Bank Designated By OFAC For Support Of Ortega Regime

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Last week the Federal government announced sanctions against the child of the president and vice president of Nicaragua and a Nicaraguan bank for allegedly helping Nicaraguan president Daniel Ortega remain in power and engage in corruption, human rights abuses, and various other forms of violence.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated the 36-year-old man and the financial institution last week for their support of the Ortega administration, which the Federal government has long accused of a litany of violations, including political violence that has led to the death of over 300 individuals and the injury of over 2,000 others. In addition, the Ortega administration has allegedly imprisoned political rivals by the hundreds, resulting in tens of thousands of Nicaraguan nationals taking refuge in neighboring Costa Rica.

The financial institution designated last week is a subsidiary of a Venezuelan state-owned bank, which itself is a subsidiary of a Venezuelan firm that was designated by OFAC earlier this year. Per investigators, the bank provided material financial support to Nicaraguan vice president Rosario Murillo, who has also previously been designated by OFAC. The bank is allegedly in league with the Sandinista National Liberation Front (FSLN), providing money-laundering services for the organization. It also allegedly offers banking services for several others who have already been designated by OFAC.

The individual designated last week is the Investment Promotion Advisor of ProNicaragua, a state agency. He allegedly acts as an agent for Ortega and Murillo by managing investment proposals and projects. OFAC says he also utilizes his position to facilitate business deals involving corrupt access to the Nicaraguan economy.

The Law Offices of Bjorn Brunvand have been representing people charged with capital murder, felony drug charges, drunk driving, government fraud, and white-collar crimes for over a quarter century. Contact our office today to discuss your Tampa Bay-area state or federal charges.

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