Venezuela News

US Accuses Venezuela Oil Company of $2 Bn Money Laundering Scheme

US Accuses Venezuela Oil Company of $2 Bn Money Laundering Scheme

The United States has accused Venezuela's state oil company PDVSA of laundering $2 billion through offshore bank accounts, in the latest blow to the credibility of President Nicolas Maduro's administration.  Read More

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Venezuela is a key transit country for drug shipments going from Colombia to the United States and Europe. The illegal drug trade has traditionally been controlled by foreign organizations, particularly Colombians, attracted by poor rule of law and corruption. However, there is evidence that beginning in the mid-2000s corrupt elements in the security forces stepped up their role in the business, forming a loose network dubbed the “Cartel de los Soles” (Cartel of the Suns).

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