A forum of primarily Latin American nations on Monday disclosed new measures to curb financial transactions with Venezuela following what members called the illegitimate re-election of President Nicolas Maduro. The Lima Group, which comprises Argentina, Brazil, Colombia, Mexico, Canada and nine other nations, warned regional financial institutions against conducting business with Venezuela that is not approved by the National Assembly, the country’s democratically elected legislature. Banking regulators in Lima nations should issue “circulars or bulletins” advising lenders of the “risk” they incur by ignoring limits on unauthorized “payment agreements, … reciprocal credits for foreign trade” and other transactions with the...
New guidance outlining the methods corrupt Venezuelan officials allegedly use to conceal and move the proceeds of graft will help advance federal investigations in part by generating more-tailored suspicious activity reports from U.S. lenders, say sources.
The Lima Group, an intergovernmental group consisting of 14 member nations, denounced Venezuela's May 20th presidential election and called on nations around the world to decrease diplomatic relations with the jurisdiction.
President Donald J. Trump issued an executive order Prohibiting Certain Additional Transactions With Respect to Venezuela, including all transactions related to the purchase of any debt owed to the government of Venezuela, in particular accounts receivable.