Weekly Report - 11 July 2013 (WR-13-27)

ECUADOR-VENEZUELA | Joint Sucre investigation. Ecuador’s  attorney general, Galo Chiriboga, revealed on 4 July that Ecuadorean and Venezuelan authorities have launched a joint investigation into “unusual operations” that were being conducted using the Sistema Unico de Compensación Regional (Sucre), the virtual currency exchange system adopted by the Alianza Bolivariana para los Pueblos de América (Alba) bloc members to promote intra-bloc trade. According to Chiriboga, the authorities in both countries have identified a number of transactions in the Sucre market (which was officially established in 2010 and in which only Ecuador and Venezuela regularly participate) which they suspect could be part of money-laundering attempts.

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