Venezuela RISK & COMPLIANCE REPORT DATE: September 2017
Venezuela RISK & COMPLIANCE REPORT DATE: September 2017 KNOWYOURCOUNTRY.COM Executive Summary - Venezuela Sanctions: The US has imposed sanctions blocking property and suspending entry of certain persons contributing to the situation in Venezuela. FAFT list of AML No Deficient Countries US Dept of State Money Laundering assessment Higher Risk Areas: Not on EU White list equivalent jurisdictions Corruption Index (Transparency International & W.G.I.)) World Governance Indicators (Average Score) Failed States Index (Political Issues)(Average Score) International Narcotics Control Majors List - Cited Compliance with FATF 40 + 9 Recommendations Medium Risk Areas: Major Investment Areas: Agriculture - products: corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish Industries: petroleum, construction materials, food processing, textiles; iron ore mining, steel, aluminum; motor vehicle assembly, chemical products, paper products Exports - commodities: petroleum, bauxite and aluminum, minerals, chemicals, agricultural products, basic manufactures Exports - partners: US 39.1%, China 14.3%, India 12%, Netherlands Antilles 7.8%, Cuba 4.6% (2012) Imports - commodities: agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products Imports - partners: US 31.7%, China 16.8%, Brazil 9.1%, Colombia 4.8% (2012) Investment Restrictions: The Venezuelan National Assembly passed legislation in 2010 designed to create a communal state and economy, privileging public-sector economic institutions and reducing the space for private-sector participation. Venezuela's legal framework for foreign investment requires equal treatment for both foreign and local companies, with the exception of a few sectors in which the state or Venezuelan nationals must be majority owners, including hydrocarbons and the media.
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