El Pais on 16 June reported that an investigation has unveiled the inner workings of a scheme involving dozens of individuals and companies that illicitly sold crude and transferred the money through tax havens in a shady multi-million-dollar business.  The report reveals how this scheme involving dozens of people and companies across 30 different countries moves money through tax havens.  The origins of the scheme stretch back to the sanctions imposed on Venezuela since 2014, mostly by the US.  A network was created involving dozens of companies interwoven with financial partners from 30 countries including Bangladesh, China, Curaçao, Greece, Luxembourg, Malta, Malaysia, Mexico, Norway, Singapore, Sweden, Switzerland, UK and US, among other countries across 3 continents.  Tax havens such as the Isle of Man and the BVI were also used.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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