After this decree, the illegal exchange will be able to reduce the penalty by up to two-thirds for operations that do not exceed USD 10,000.
The Constitutional Decree that Abrogares the Exchange Regime and its Illicits (the “Constitutional Decree”) published on August 2nd, 2018, decriminalizes the exchange illicits by abrogating the Law Decree of the Exchange Regime and its Illicits, and Article 138 of the Law of the Central Bank of Venezuela in the portion referring to the negotiation and trading of foreign exchange in Venezuela.
All exchange illicits committed before the publication of the Constitutional Decree, will be prosecuted with a reduction of the penalty in two-thirds in case the exchange transaction does not exceed the equivalent to ten thousand dollars of the United States of America (USD 10,000.00)
The Attorney General’s Office is empowered to prosecute all persons that committed exchange illicits causing patrimonial damages against the Republic, for the civil, administrative and criminal responsibility. It is also empowered to request restitution, reparation and indemnification of damages.
The Constitutional Decree entered into force on its publication in the Official Gazette of the Bolivarian Republic of Venezuela.
This legal report presents a general description of the most relevant aspects of the Constitutional Decree and does not constitute a legal opinion directed to attend a specific situation. In case of any doubt, comment or to obtain further information, please contact InterJuris at www.interjuris.com or +58 (212) 750 1200