Venezuelan President Enacts Law To Protect Assets Abroad

Venezuelan President Nicolás Maduro signed this Monday the enactment of the Law for the Protection of the Assets, Rights, and Interests of the Republic and its Entities Abroad.

«We have a new legal and constitutional instrument to protect all the patrimony that belongs to all Venezuelans. Let’s comply with it», said Maduro during the fifth edition of the program «With Maduro +»

According to the President, it provides legal tools to the Venezuelan State for the defense of the Republic’s assets located abroad.

On the occasion, the president of the Permanent Commission of Domestic Policy, Deputy Diosdado Cabello said that the new law complements the Organic Law of Domain Extension, in force since the end of April.

Aprobada la Ley para la Protección de los Activos, Derechos e Intereses de la República y sus Entidades en el Extranjero, un nuevo instrumento legal y jurídico para la defensa de los bienes y el patrimonio de las y los venezolanos. ¡Con Maduro, Más Leyes y Más Protección! pic.twitter.com/iDYKNq9usk

— Nicolás Maduro (@NicolasMaduro)
May 23, 2023

The Law for the Protection of the Assets, Rights and Interests of the Republic and its Entities Abroad, a new legal and juridical instrument for the defense of the assets and patrimony of Venezuelans, has been approved. With Maduro, More Laws and More Protection!

The new law is aimed at guaranteeing the Venezuelan people immediate justice with respect to the plundering of Venezuelan property and assets, a fundamental part of the White House’s policy of unilateral sanctions against the South American country. With its 13 articles, it was previously approved unanimously by the Venezuelan parliament.

Cabello said that it declares the nullity of any act that intends to confiscate the assets of the Republic, obliges all Venezuelans to protect the country’s assets, and also establishes individual legal responsibilities for those who attempt against the country’s patrimony.

The law was debated by more than 135 persons belonging to universities and different State agencies. A referendum called by the Parliament was also held, in which 1,800 people participated and gave their opinion on the matter.