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.
Archive of: March, 2015
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.