Yes, there is.  Open the full image, and you can clearly see the nipple through the lacy poncho.  That's why there's a nudity flag on the image.  You may not agree, but that doesn't make it so.  Even casette rendered the image without the poncho (you can't see it anymore, I believe he removed it from his site), but the nipple underneath was in the EXACT location of where it was pointed out on the (model's) right breast.  I'm not going to hash out an old thread with you, but, if you actually read that thread, jumpstartme2 even pointed out what is and isn't acceptable, including reference to nipples, areola, and breasts.  Breasts are ok, so long as the nipple/areola area on females are covered. 

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Knowledge is knowing a tomato is a fruit. Wisdom is not putting it into a fruit salad.