Kenneth Rijock

Kenneth Rijock

Monday, October 31, 2011

WATCH FOR FUNDS FROM NERVOUS VENEZUELAN PEPS

Notwithstanding official press releases that allege Venezuelan President Hugo Chavez Frias has beaten his cancer, medical professionals in a position to know have estimated that he has from a couple of months to no more than two years to live. It is rumoured that his family has asked him not to run for president in the next election.

This is not good news for the following special-interest groups:

(1) The so-called Bolivarian Elite, those businessmen who have special contracts with the Government of Venezuelan that bring them millions of dollars each every year.

(2) The military officers who are assisting narcotics trafficking groups ship drugs into North America and to Africa, reaping obscenely high monetary rewards.

(3) Corrupt PEPs who have been looting the government treasury, funds from PdVSA, the government-owned oil company, or taking bribes and kickbacks.

Now that Chavez' days appear to be numbered, these individuals see an uncertain future for Venezuela; you can expect that they will begin to move their dollars into financial institutions in the stable countries of North America and the European Union. They already have accounts in places like Panama, Hong Kong, Switzerland and Lebanon, but look for them to place additional funds in the UK, US, and elsewhere.

 You should now initiate Enhanced Due Diligence for any new Venezuelan clients bringing substantial accounts to your bank, and also ensure that the clients are not PEPs; Watch yourself, lest you be forced to deal with the next democratic government that takes office in Venezuela.

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