Operating in Venezuela: Understanding the Context and Principal Risks
Anti-Corruption Report
Matteson Ellis, James Tillen, Collmann Griffin, and Angelo Márquez authored an Anti-Corruption Report article, the first of two installments examining the compliance risks and opportunities for companies considering operations in Venezuela, particularly in the oil, mining, and other resource sectors. The authors note that while renewed sanctions relief has made market reentry more attractive, "the harsh reality is that companies investing in Venezuela face some of the world's most significant compliance risks," including "persistent sanctions risks, elevated corruption risks bolstered by uncertain regulatory conditions on the ground, money laundering risks and widespread risk of interactions with transnational criminal organizations (TCOs), including cartels that the U.S. has designated as foreign terrorist organizations (FTOs)." They further emphasize that these risks "have the potential to affect all forms of business," while offering practical guidance to help companies make informed, strategic compliance decisions at the outset and better manage exposure.