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Government supporters march during an anti-imperialist rally in Caracas, Venezuela, Saturday, March 30, 2019. Venezuelan opposition leader Juan Guaido took his campaign for change to one of the country's most populous states on Saturday, while supporters of the man he is trying to oust, President Nicolas Maduro, held a rival demonstration in the capital after another nationwide blackout. (AP Photo/Ariana Cubillos) Government supporters march during an anti-imperialist rally in Caracas, Venezuela, on March 30, 2019. AP Photo: Ariana Cubillos

The situation in Venezuela continues to deteriorate, with the country’s myriad problems exacerbated by and fundamentally linked to rampant political corruption and self-enrichment within the Maduro regime. In recent years, the U.S. government has sought to pressure Venezuela’s government to change its behaviors, viewed as threatening to U.S. security interests, through the imposition of economic sanctions. The political corruption in Venezuela, as well as the sanctions with which the U.S. has responded, have created legal and compliance risks for U.S. businesses. While these challenges related to Venezuela predate the Trump administration (for instance, Congress passed the Venezuela Defense of Human Rights and Civil Society Act in 2014), there are new challenges to which U.S. businesses must adapt, including economic sanctions, anti-corruption, and anti-money laundering compliance risks for which global businesses should be prepared.


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