Political turmoil and chronic corruption in Brazil and Mexico; safety in Colombia, Chile and Peru; and monster risks and margins in Venezuela.
Archive of: Venezuela
The blocking of the referendum process will exacerbate tensions inside the military, where some officers and troops have also favoured a recall.
Prosecutors allege that Aroch Mugrabi laundered up to COP700bn over the past 14 years through transactions centered on fictitious textile exports to Venezuela, where he also benefited from the official and parallel exchange rate differential.
The political opposition’s control of congress increases the chances that major corruption schemes involving foreign companies doing business in Venezuela become publicly exposed.
Financial fronts, or testaferros, for corrupt Venezuelan officials are fond of using accounts in the names of entities domiciled in offshore jurisdictions such as Panama, Aruba, Curaçao, BVI, Monaco and Hong Kong to squirrel away or launder the proceeds of their activities.
The multi-billion dollar bribery scandal swirling around Petrobras is causing ructions in Brazil, but graft on a similar—or greater—scale relating to oil companies is occurring elsewhere in Latin America.
Bribes totalling at least USD5m were paid through intermediaries domiciled in Panama into private bank accounts in Switzerland.
Banks and companies dealing with Venezuela need to be extra vigilant for transactions and contracts involving intermediaries using offshore entities or accounts in these domiciles as these are at risk of being identified as linked to corruption and FCPA / Bribery Act violations.