Tangled tangos

Latin America has long been notorious for its high levels of corruption, especially through money laundering, bribery and the illicit drug trade. Although recent years of relative stability and democratisation in the region have brought economic progress, this has also widened the opportunities for fraud and fuelled its increasing sophistication, as Pacifca Goddard reports from Caracas.

Poverty, fraud and corruption – a sour brew

As the economies of Latin America globalise and modernise, they are becoming more technologically oriented – opening up many new avenues for fraudsters to explore and exploit, including credit and debit card, telecommunications and Internet fraud. Both the local governments and companies doing business in the region have to face the new challenges.