CADIVI officials appeal to beware go-betweens who specialize in forged documents

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Wednesday, June 18, 2003 By: David Coleman

Foreign Minister (MRE) Roy Chaderton Matos has held talks with his Colombian counterpart Carolina Barco on bilateral relations, especially economic cooperation agreements achieved by Presidents Chavez Frias and Colombia's Alvaro Uribe Velaz recently in Puerto Ordaz.

Talks also included Venezuelan currency control approval of some $300 million to cover Venezuelan merchant outstandings to Colombian suppliers ... "we have now made good progress; some payments have been made but it is necessary that Venezuelan merchants who require foreign currency to pay their debts should register and fill out the necessary forms for approval ... and nobody in the Venezuelan government knows if the debts really exist until they are satisfactorily verified."

Meanwhile in Caracas, the Currency Control Committee (CADIVI) has asked the Director of Public Prosecutions to open investigations into some 80 businesses who have sought to obtain foreign currency with forged documents claimed to be from the Adult Training Program (INCE) and Social Security as well as IRS/Seniat.

Authorities had been on the alert since foreign exchange controls were first introduced in February that there would be subversive efforts to obtain currency by fraudulent means.  CADIVI officials had appealed to companies to make sure their documentation was in order and to avoid using traditional go-betweens who have in many cases been seen to specialize in using forged documents and attempting to corrupt approvals staff.

Under current legislation anyone found to have contravened currency laws will risk a prison term of 18 months to 5 years, a total ban from all further currency transactions and confiscation of all funds that may be deemed to have been illegally used.