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The US Government has now placed Venezuela on its list of primarily Middle Eastern countries subject to major restrictions on visas, and you can expect to see a Venezuelan reply to these sanctions. This may mean that American businessmen could face restrictions upon their ability to enter Venezuela, which could seriously impact efforts to conduct financial transactions, react to problems, and put out fires that arise.
By any measure of risk management principles, Venezuela could make it impossible for bank clients, and US banks themselves, to collect on debt, resolve commercial disputes, and do business in Venezuela. If you do not already show Venezuela as unacceptable, for Country Risk purposes, you should immediately reexamine your position, reduce financial exposure, and advise clients accordingly.
Chronicles of Monte Friesner - Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant
