On June 1, U.S. Immigration and Customs Enforcement's Homeland Security Investigations announced that Joselit de la Trinidad Ramirez Camacho was added to the agency's Most Wanted List and as a target of the U.S. Department of State's Transnational Organized Crime Rewards Program. Through the rewards program, up to $5 million is being offered for information leading to his arrest or conviction.

As Jeff Alberts, co-head of the FinTech Group, discusses in this video, Ramirez Camacho was appointed Venezuela's Superintendent of Cryptocurrency two years ago. He managed the distribution of the Petro, a cryptocurrency purportedly backed by Venezuelan oil.

Check out the video below to hear Jeff's thoughts on what led to Ramirez Camacho's indictment and what companies who engage in cryptocurrency transactions should do to avoid inadvertently violating OFAC sanctions laws and regulations. Cryptocurrency companies who ignore OFAC sanctions, do so at their peril.


Article originally published on 4 June 2020

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