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In Venezuela’s Transition, Compliance Officers See Reason for Extra Scrutiny
By Brian Monroe
printWith its next presidential election less than a week away, Venezuela has more than an unplanned transition in leadership to sort out. It has, once again, a growing problem with capital flight. The March 5 death of President Hugo Chavez and the uncertainty about Venezuela's political future have exacerbated the country's ongoing currency troubles, according to bankers and regional consultants. In February, Venezuela saw the bolivar officially devalued, fueling an increasingly expensive black market for U.S. dollars and euros. The net effect has translated into a sharp increase, and perhaps a doubling, of capital flight from the country, according to...
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