Venezuela cracking down on financial fraud schemes

Posted on December 4, 2012 • Filed under: Business, Corruption, Crime, Police/Military Activity, Venezuela

With the goal of improving the exchange mechanisms in the country, Venezuelan authorities are focusing on frauds and irregularities in hard-currency transactions according to Prensa Latina.
The Commission for Hard-Currency Administration (CADIVI), which is in charge of implementing the national policy on that field, has suspended 800 companies from that scheme after detecting violations of the established procedures. Commission President Manuel Barroso pointed out that the measures were taken due to actions such as simulated imports and overinvoicing. In the first cases, the companies asked for resources to buy specific inputs and imported items that were not included in the original request. Read Article

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