Venezuela Criminalizes Money Laundering and Imposes Far-Reaching Due Diligence Requirements

On September 30, 1993, the Official Gazette of the Government of Venezuela gave notice of a draconian new law, criminalizing money laundering and imposing comprehensive due diligence requirements on a broad-range of professionals. The new law appears on its face to impose the most far-reaching requirements of any Latin American government until now. The new law has two chapters: prevention, control and supervision against legitimation of capital; and prevention, control and supervision against laundering. The new law will help in detecting and prosecuting traffickers as well as in preventing the use of Venezuelan intermediaries in the future?[more]