On 19 June 2014, the Financial Stability Board (“FSB”) published an advisory notice to financial institutions advising that the FSB has determined that Venezuela is a non-cooperative jurisdiction for regulatory and supervisory standards on international cooperation and information exchange. Financial institutions are warned to exercise the appropriate caution when conducting business in Venezuela or with financial institutions supervised by the Venezuelan regulators.

The FSB notice is available at: http://www.financialstabilityboard.org/press/pr_140616.pdf.