All PDVSA articles

  • EU-AML

    FINMA orders Banca Credinvest to improve AML measures


    The Swiss Financial Market Supervisory Authority found Banca Credinvest “seriously breached” anti-money laundering regulations with regard to dealings with PDVSA in Venezuela.

  • DOJSeal

    Sargeant Marine to pay $16.6M in FCPA case


    Sargeant Marine has pleaded guilty to conspiracy to violate the anti-bribery provisions of the FCPA and agreed to a $16.6 million criminal fine to resolve the charges, the Department of Justice announced.

  • AdobeStock_251448179

    OFAC targets Mexican companies for helping Venezuelan President Maduro evade U.S. sanctions


    The U.S. Department of the Treasury’s Office of Foreign Assets Control has blacklisted a network of Mexican individuals and companies said to be helping Venezuelan President Nicolas Maduro evade U.S. sanctions.

  • Money laundering

    Compliance lessons from Julius Baer’s ‘serious AML failings’


    Compliance officers can learn a lot from the anti-money laundering compliance shortcomings at Julius Baer Group, as well as from what the bank is now doing to enhance its risk management and AML compliance controls.

  • Oilfield

    Treasury sanctions Rosneft subsidiary for Venezuelan ties


    The Department of the Treasury’s Office of Foreign Assets Control has sanctioned a subsidiary of Russian state-run oil company Rosneft for operating in the oil sector of the Venezuelan economy.

  • Citgo

    Citgo appoints new CECO amid misconduct review


    Citgo announced the appointment of Jack Lynch as the company’s new chief ethics and compliance officer amid an internal probe into allegations of misconduct under prior management.

  • /img/field/image/pdvsa

    Two indicted in PDVSA bribery probe


    A sales representative and a former president of a U.S.-based company are facing charges for their alleged roles in a scheme to corruptly secure business advantages from Venezuela’s state-owned and state-controlled energy company, PDVSA.

  • Blog

    The cost of doing business with PDVSA


    With the tightening of sanctions by the United States around Venezuela and PDVSA, there will only be more scrutiny going forward for those that do business with the state-owned oil company.

  • Blog

    Doing business with Citgo? Get ready for a bumpy ride


    The arrest of Citgo Petroleum Company’s acting president of the company and five members of the company’s board for offering bonds to finance the company’s continued operations means that if you’re doing business with Citgo, it’s definitely time to review your relationships, contracts, payment status, and all other facets of ...

  • Blog

    Guilty plea in PDVSA FCPA case


    A partial owner of several energy companies pleaded guilty this week to foreign bribery charges for his role in a scheme to corruptly secure contracts from Venezuela’s state-owned and state-controlled energy company, Petroleos de Venezuela S.A. (PDVSA).

  • Blog

    Venezuela investigates PDVSA for corruption


    A look at the ironic Venezuelan investigation into corrupt company Petróleos de Venezuela SA.

  • Blog

    At PDVSA, the costs of corruption extend to bond swaps


    Tom Fox explores anti-corruption lessons gleaned from Venezuelan national energy company Petróleos de Venezuela’s failed debt swap offer.