The Committee on Finance, National Assembly, Wednesday okayed the proposed reform to the law on exchange-related offenses, which will be reviewed and passed on Thursday during the plenary session of the Venezuelan legislature.

The proposal the committee approved adopts a number of regulations, including punishments for any individual or legal person reporting on the quotes of foreign currency in the unofficial exchange market.

Under Article 16 of the proposed reform, "any individuals or legal persons who may offer, advertise or publish in written, audiovisual, radio electric, computerized reports or through any other means any financial or stock-exchange data or the quotes of foreign currency different from the official exchange rate will be punished with a fine of 1,000 tax units (around USD 17,500)." In case of recidivism, the fine will be doubled.

The proposed reform originally intended to set fines against the purchase and sale of foreign currency outside the current exchange controls as of USD 1. The committee members, however, left the relevant provisions unchanged.

The draft reform proposed imposing a fine equivalent to the amount trade on any sale or purchase of foreign currency below USD 10,000. But some members of the committee rejected the plan, particularly because the provision could hurt workers in tourism areas, as they are given tips in US dollars and should not be subject to sanctions.