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.
Archive of: 2015
The political opposition’s control of congress increases the chances that major corruption schemes involving foreign companies doing business in Venezuela become publicly exposed.
The detention of Esteves jolts - in spectacular fashion - the Lava Jato anti-corruption investigation into the sphere of Brazil’s financial services sector.
Due diligence on potential acquisition targets or joint venture partners in Argentina has been complicated in recent times as a result of the Kirchner governments’ tight grip over the Inspección General de Justicia, IGJ, which holds corporate records.
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.
Security challenges for businesses are likely to morph from ‘classic’ conflict-zone type risks into hazards more prevalent in high criminality environments, such as those in Mexico and Venezuela.
Public perceptions of the prevalence of security risks in Mexico are improving, but at a slower pace than the underlying trend of a longer-term improvement in the real incidence of crime shown by statistics.
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.
The Financial Intelligence Unit compiled for prosecution 87 separate dossiers detailing mechanisms that likely attempted to launder a total of MXN59bn, about USD4.4bn, during 2014.
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.
Colombia’s main insurgent group, the FARC, has agreed a landmark pact to help clear anti-personnel mines and IEDs seeded across the country, but the process is at best likely to be slow.