Since January 2026, OFAC has issued a series of Venezuela-related General Licenses related to purchases and investment in Venezuela's natural resource sectors, such as Venezuela-related General Licenses (GLs) [48A](https://ofac.treasury.gov/media/935201/download?inline) and [50A](https://ofac.treasury.gov/media/935031/download?inline), that include a reporting requirement. Which parties are responsible for providing such reports pursuant to those General Licenses?
OFAC's answer
In general, the parties engaged in the primary authorized activity are responsible for complying with the applicable reporting requirements in these Venezuela-related GLs. Parties that are only indirectly involved or providing services ancillary to the primary authorized activity are not required to file reports pursuant to the applicable license. For example, a company providing services for the generation of electricity in Venezuela under [GL 48A](https://ofac.treasury.gov/media/935201/download?inline) would need to report such activities pursuant to that license, but a bank processing payments related to those services does not also need to provide a report. Similarly, under [GL 50A](https://ofac.treasury.gov/media/935031/download?inline), the parties listed in the annex would be required to provide reports describing their activities undertaken pursuant to the license, whereas the bank processing those related payments would not.