Boxing bloc from Asia,mainly Japan, the Philippines and Thailand and from Central and South America, mainly Mexico, Argentina and Puerto Rico, with support from some influential boxing authorities and personalities in the USA broke away from the WBA and formed the World Boxing Council in 1962 in sheer disgust over how their boxers were treated and not given chances to fight for world titles by the Caracas, Venezuela-based world boxing sanctioning body.
It's not really about money or corruption as much as injustice and unfair treatment. For example, rated fighters from Asia in deference to the Venzuelan WBA head and the fact that the WBA was based there, have had to travel to Venezuela and fight local fighters under unsavory and unjust circumstances, often losing by hometown or upset decision. Among these Asians include the late great Gabriel Flash Elorde who lost to a local boy fortunately in a non-title fight. This is also the reason why earlier champions and top contenders especially in the lighter weight classes came from Venezuela and some favored countries in the region.