U.S. Sanctions Against Petro, Benedetti
Financial Services attorneys Andres Fernandez, Gabriel Caballero, Camilo Gantiva Hidalgo, Daniel Noste and Kristen Jimenez co-authored an article published by Latinvex about U.S. government sanctions on Colombia President Gustavo Petro and a group of affiliates. The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated Petro, along with his spouse, son and Colombia's Minister of the Interior, under Executive Order (EO) 14059, which targets foreign persons involved in the global illicit drug trade. The designation added the individuals to OFAC's list of Specially Designated Nationals (SDN) as well as its Blocked Persons List. As a result, any of their property or interests in property in the U.S. are blocked, and most transactions involving them are prohibited. In this article, the attorneys summarize EO 14059 and talk about the implications of OFAC's move, explaining the government can pose civil or criminal penalties for noncompliance and recommending U.S. companies and financial institutions assess exposure points and take steps to safeguard operations. The piece also details considerations under Colombian law, such as potential conflicts of law issues and areas Colombian businesses and financial institutions with cross-border activity should monitor to avoid adverse consequences.
The article is based on a Holland & Knight alert published by the authors.