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Venezuela’s Fight Against Illicit Currency Exchange May Backfire, Say Compliance Staff
By Colby Adams
printVenezuela's takeover of at least 30 bond brokerages on money laundering charges will do little to stem the tide of illicit proceeds flowing into the country, say analysts. The Venezuelan government, which has linked the brokerages to an alleged money laundering ring under indictment in a Miami federal court, accused the firms of sabotaging the economy by trading bolivars for U.S. dollars without government approval, according to a statement from the Venezuelan attorney general's office. Venezuelan officials have said the takeovers are temporary and will be lifted within weeks. The suspension of the bond swap market followed the indictments in...
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