Search Results for: Venezuela

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).…

The United States Treasury Department’s Office of Foreign Assets Control (OFAC) has announced the imposition of new sanctions against the country’s state oil company Petróleos de Venezuela SA (PdVSA). These effectively halts US purchases of oil from Venezuela – the Latin American country’s economic lifeblood.…

It is hard to avoid either a cosmetics store or an advertisement for one in Chinese cities today. A mind-boggling wave of new retailers set up by investment firms to cash in on the cosmetics and personal care boom are eagerly seeking franchisees around the country.…

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.…

Cryptocurrencies have made a big splash across Asia, and governments have taken very different regulatory approaches to curb associated financial scams and money laundering.

While there is one group of countries that has banned the operation and use of cryptocurrencies entirely, including China, India and Vietnam, a second category spans countries that see cryptocurrencies as potentially boosting their own financial sectors.…

EUROPEAN Union (EU) and Mercosur negotiators went into crucial trade talks in Uruguayan capital Montevideo September 10-14, cheered on by automakers on both sides who want a deal, even though there are tough technical issues to resolve. The round is another bid to smash the deadlock over a future trade pact between the EU and the four founding Mercosur nations – Argentina, Brazil, Paraguay and Uruguay. …

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…

THE LATIN American personal care product market, buffeted in recent years by economic and political instability, looks back on track, with trouble-spots such as Venezuela being very much an exception to overall progress.

Data released by market researcher Euromonitor International has said that the region’s beauty and personal care product sales in 2017 topped USD65 billion in 2017, growing by 42.5% between 2012 and last year.…

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).…

OECD SAYS 49 JURISDICTIONS WILL AUTOMATICALLY EXCHANGE TAX INFORMATION THIS YEAR

THE IDENTITY of 49 jurisdictions that will automatically exchange tax information in 2017 under a global standard has been revealed by the Organisation for Economic Cooperation & Development (OECD).…