According to Alejandro Rebolledo, attorney and organizer of the 7th International Conference against Money Laundering, there is a set of factors that pose a high risk of money laundering in Venezuela.

"Venezuela's vicinity to drug-producing nations; weaknesses in its anti-money laundering regime; its limited bilateral cooperation and substantial corruption cases among public servants and other actors within relevant sectors render the country vulnerable to money laundering," Rebolledo pointed out at the beginning of the forum at the Eurobuilding Hotel in Caracas, which was held on July 27-28

"Venezuela's worst problem is corruption," Rebolledo assured and remembered that the International Transparency 2010 report ranked the country at 165 (out of 178) on the list of fight against corruption.

Rebolledo explained that opposite to terrorism that wants to finish with the State, organized crime tries to infiltrate it: "A clear example are the events in El Rodeo prison, where a number of fully armed men with drugs and money managed crime networks and when authorities surround them, they flee."

He questioned the fact that officials involved are not punished and added "a mere look through their accounts will provide many answers."

Rebolledo also criticized that the relations that the alleged drug dealer Walid Makled used to commit his crimes are not investigated.

Terrorist links

Peruvian lecturer Sashia Rietbroek explained that dirty money not only comes from drug trafficking and corruption, because crimes aimed at generating money are the basis for money laundering. She coincides that "corruption is the most worrying issue in Venezuela."

Rietbroek stated that terrorist organizations are also benefited from money laundering and quoted a report by the US State Department according to which more than 50% of all terrorist groups are linked to drug trafficking.

Rietbroek assured that besides drug trafficking, terrorist organizations are financed through donations from individuals who believe that their contribution will be used for charity, or by governmental contributions.

Translated by Álix Hernández