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Unofficial Venezuelan Bond Market Obscured by Offshore Companies, Says Consultant
printA recent case against a Florida corporation involving Venezuela's bond swap market is alerting U.S. law enforcement to associated money laundering risks, says Brian Stoeckert, president of Los Angeles-based Stoeckert Consulting Inc. Known as the permuta, the swap uses offshore companies in an effort to facilitate the trade of Venezuelan currency for U.S. dollars. The trades are often for legitimate purposes, but pose money laundering risks because neither Venezuelan nor U.S. authorities can trace the exchange, he said. Stoeckert, who consults on the anti-money laundering (AML) risks associated with the swap, spoke with reporter Larissa Bernardes about permuta transactions and...
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