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Search Results for: Venezuelan

10 results out of 67 results found for 'Venezuelan'.

LATIN AMERICA’S PERSONAL CARE PRODUCT MARKETS REMAIN IN THE DOLDRUMS AS ECONOMIES PERFORM POORLY



IT has been another subdued year for the beauty and personal care product market in Latin America, as the region’s economy underperforms yet again after six years of deceleration (and in some countries outright recession), keeping a lid on sales growth. …

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BANKS HAVE TO WORK HARDER TO AVOID SANCTIONS BREACH PUNISHMENTS



BANKS worldwide are having to take increasing care lest they be fined for violating sanctions and not having adequate regulatory compliance regimes in place. With the USA expanding sanctions against Venezuela and Iran, financial institutions need to not only have adequate screening software but anticipate potential new regulations and that regulators will be pouring over past activities.…

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USA IMPOSES NEW SANCTIONS ON VENEZUELA TO FORCE OUT MADURO



In a significant ramp up of its pressure on the government of Venezuelan President Nicolás Maduro, the United States Treasury Department’s Office of Foreign Assets Control (OFAC) on Monday (January 28) announced the imposition of new sanctions against the country’s state oil company Petróleos de Venezuela SA (PdVSA).…

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DUTCH CARIBBEAN UNDER SPOTLIGHT OVER MONEY LAUNDERING CONTROL WEAKNESSES



THE DUTCH Caribbean continues to have a weak reputation for fighting money laundering, and to a lesser extent terror financing, with the US 2017 International Narcotics Control Strategy Report (INCSR) highlighting weaknesses in its three autonomous jurisdictions. See https://www.state.gov/documents/organization/268024.pdf

Aruba, Curaçao and Sint Maarten are ‘countries’ within the Kingdom of the Netherlands, with their own prime ministers, while less populous islands Bonaire, St Eustatius (Statia) and Saba are municipalities, with fewer powers vested in their island councils, and the Dutch government being responsible for enforcing international anti-money laundering and combating the financing of terrorism (AML/CFT) norms.…

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SANCTIONS HOLD THE AML LINE AGAINST CORRUPT VENEZUELAN OFFICIALS GRAFTING COUNTRY’S EXTREME CURRENCY CONTROLS



AML compliance departments are having to take an increasingly close look at any transactions involving Venezuela, as its authoritarian government attracts increasingly large numbers of international sanctions.

The European Union (EU) in June sanctioned 11 senior Venezuelan officials following the May re-election of President Nicolas Maduro in polls that the EU said were “neither free nor fair and…lacked any credibility…”

The sanctions – see https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32018D0901&from=EN…

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VENEZUELA LAUNCHES OIL INDUSTRY CRYPTO-CURRENCY



THE VENEZUELAN government has launched a crypto-currency whose exchange rate is linked to global oil prices and which is backed by the country’s plentiful oil reserves.

The ‘Petro’ is the first state-backed virtual currency. Only the Venezuelan government can issue credits (it is ‘pre-mined’ in crypto-currency jargon).…

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INTERNATIONAL REGULATORY ROUND UP – CHINA SUGAR DUTIES CHALLENGED AT WTO



CHINA’S imposition of temporary safeguard duties to protect its sugar industry have been challenged at the World Trade Organisation (WTO), with sugar giant Brazil arguing Beijing’s tariffs break global commerce rules. In a signal that Brazil might be considering launching a disputes case against China, diplomats for the South American country told a WTO safeguards committee meeting that the duties broke the WTO agreement on safeguards and the general agreement on tariffs and trade (GATT). …

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GOVERNMENT REFORMS POINT TO BRIGHTER FUTURE FOR COLOMBIAN OIL SECTOR STILL BESET BY DOMESTIC SECURITY FEARS



COLOMBIA’S oil and gas sector is stabilising after a crisis provoked by the plunge in global oil prices, but efforts to recover growth are being hampered by guerrilla attacks, corruption scandals and a popular backlash against the industry.

The crash in oil prices that began in 2014 has left the oil industry in Colombia in a precarious position, with only an estimated five years of commercially reliable reserves remaining, according to government calculations.…

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SOUTH AMERICA PERSONAL CARE PRODUCT SECTOR STRUGGLES TO GROW AS ECONOMIES RECOVER AND GOVERNMENTS ABANDON LEFTIST CONTROLS



The macro-economic slowdown experienced by Latin America in recent years has thrown the brakes on what had been impressive growth in the beauty and personal care sector since the turn of the century.

Much of the region is now looking for ways to stimulate the sector, tempering ambitions by aiming for more gradual growth rather than runaway success.…

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BRAZIL TEXTILE TRADE WITH VENEZUELA COULD BE HARMED BY POTENTIAL MERCOSUR SUSPENSION



 

Brazil’s tumbling textile exports to Venezuela may fall further if the country is suspended from the south American trading bloc, Mercosur next month. (December, 2016) 

According to World Bank data, Brazil’s textile and clothing exports to Venezuela peaked in 2011 at USD90.3 million but have been falling steadily ever since.…

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