ISSUES....
Inside,
confidential, off the record
PDVSA
laundering ?
Polish
diplomat accuses PDVSA of money laundering through state-owned
oil company of Belarus
Poland's former Ambassador to Belarus, Mariusz Maszkiewicz, has
accused the government of Belarus of using the state-owned oil
company, Belneftekhim, to commit money laundering for Petroleos
de Venezuela, also known as PdVsa, Venezuela's state-owned oil
company. This explosive allegation has been met with a denial from
the Venezuelan Embassy in Belarus. Add to this the pointed warning
published last week by OFAC, regarding the perils of doing business
even indirectly with Belneftekhim, and it is obvious that PdVsa
has been in violation of the OFAC sanctions and Presidential Exeutive
Order regarding the Belarusian oil agency. Will fines and penalties
now be issued, or will PdVsa itself be sanctioned? In light of
the fact that OFAC sanctions are anticipated shortly against Venezuelan
governmental entities, PdVsa could easily be one of them. Will
that destroy the Venezuelan economy?
Breaking news: Belarus just expelled the US Ambassador over the
Beleftkhim sanctions. Now back to our story:
-
Last week, World-Check warned you about the unusually strong
statement issued by OFAC regarding Belneftekhim, also known
as the Belarusian
State Concern for Oil and Chemistry. Our article, Is
OFAC Guidance on Belarus a Pointed Warning? World-Check 9 March,
2008, bluntly
advised our readers to watch any transactions with companies
that could remotely involve any direct or indirect interest
of Belneftekhim.
-
Belneftkhim, and its US subsidiary, Belneftkhim USA Inc., of
Metheun,
Massachusetts (FEIN 000920912) , were first listed as Specially
Designated Nationals (SDN) on 13 November, 2007. If diplomats,
who usually are the soul of discretion, are going public
with
allegations of PdVsa money laundering through Belarus, then
you know there is a major problem.
-
Reliable US sources have described a billion-dollar global
PdVsa money
laundering enterprise, details of which have come to light
during the extensive ongoing investigation, by American law
enforcement agencies, of the use of the worldwide financial
structure by
corrupt Venezuelan government officials, intent on secreting
as much as they can of their illicit cash before the eventual
economic implosion of the Chavez regime.
Will OFAC sanction PdVsa? We cannot say, but if I was an officer
at an American company in the petrochemical field, I would be working
nights and weekends to close out all my company's dealings with
that entity, before the OFAC tsunami hits Petroleos de Venezuela.
-
Kenneth Rijock, Financial Crime Consultant for World-Check/ Editorial From
Different angle /
12 March 2008
Petroleumworld
News 03/24/08
ISSUES....
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