Keywords
Venezuela, Bolivarian Republic of Venezuela, Regime, Asset Recovery, Department of Justice, Remission, Restitution, Asset Forfeiture, Fraud, Money Laundering, Victims, Victim Compensation, Maduro, Chavez, Guaido
Abstract
The Bolivarian Republic of Venezuela (“Venezuela”) has, and continues to undergo, significant political and economic challenges stemming from government corruption. In response, the United States government has seized assets of current or former Venezuelan state officials associated with criminal wrongdoing, imposed sanctions on Nicolas Maduro’s government, and proposed legislation to combat corruption. The Department of Justice (“DOJ”) has led dozens of prosecutions against those responsible for these crimes through its use of asset forfeiture, a critical tool in the recovery of illicit proceeds. An estimated $300 billion of these assets are held in South Florida alone, with $1.5 billion identified in U.S. court filings. The U.S. government has freed up assets on a very limited basis for emergency use by the U.S.-recognized opposition government. This begs a few questions: will these assets be returned to victims of corruption, and, if so, when, to whom, and how? To remedy this dilemma, the U.S. government should open the door to reviewing petitions for remission: a DOJ-led mechanism used to compensate victims that experienced a pecuniary loss as a result of a crime underlying forfeiture. This process, which is authorized under the forfeiture statutes and other regulations, has proven to be successful when compensating victims in large, multi-victim, white-collar crime cases. However, the review and approval of remission applications lies solely in the hands of the DOJ, with no possibility for judicial review. Still, victims that can meet the intricate requirements of remission have a chance at compensation for their financial losses. Through this process, the DOJ’s Asset Forfeiture Program can accomplish one of its primary goals in support of those affected by Venezuelan-state corruption: recover and return forfeited assets to victims.1
Recommended Citation
Alejandro Rodriguez Vanzetti, The Waiting Game: Who Benefits from Recovered Assets Associated with Venezuelan State Corruption? Remission as a Solution, 17 FIU L. Rev. 857 (2023), https://doi.org/10.25148/lawrev.17.4.12.
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