Sunday, June 4, 2023

They will confiscate the property of usurers who trade in property

Those persons who attribute themselves to the representation of Venezuela, negotiating the property of the country abroad or located within the national territory, their property will be confiscated.

Such provisions are enshrined in the Law for the Protection of Property, Assets, Rights and Interests of the Republic and its Entities Abroad approved by the National Assembly last week. Its publication in the Gazette is expected.

Article 13 of the above law establishes criminal sanctions for those who “were or attribute to the representation of the Republic or its institutions, by any means, actions, negotiations, proposals, agreements, commitments or acts of administration, alienation or participate in nature.” any property, rights or interests of its entities located in Venezuela or abroad or on national territory”.

The same criteria indicate that individuals involved in these acts “shall be subject to the process of domain extinction.” The above mechanism involves confiscation of properties through a trial, where the person being probed has to prove the legitimacy of those properties when the public ministry suspects that they were not acquired with much sacrosanct money. But if you can’t prove it, the judge will declare the domain of that or those properties extinct and award them to the state according to the organic law of domain.

The law also envisages jail terms of 15 to 20 years for those who participate directly or indirectly in the negotiations or agreements, for the protection of property.
Any Venezuelan property, inside or outside the territory, without valid representation of the country.

The same sentence shall apply to those who cooperate in the execution of acts through which the ignorance of the public powers of the State is sought for the purpose of simulating the celebration of legal acts through which they affect or intend to acquire Venezuelan properties. To influence… Such conduct shall be deemed to be “unlawful activities of organized crime”, says Article 13.

One of the two final provisions of the law “declares non-existent and without legal effect fraudulent figures used to usurp or pretend to represent the Republic or its institutions.”

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news


Please enter your comment!
Please enter your name here