The Financial Crimes Enforcement Network ("FinCEN") warned financial institutions of public corruption in Venezuela, as well as of attempted money laundering by Venezuelan political figures.
The new update to the 2017 Advisory focuses on:
- recent incidents and descriptions of public corruption;
- new information from recent U.S. government actions related to Venezuela, including the use of economic sanctions and the criminal prosecution of bribery and money laundering;
- schemes by Venezuelan senior political figures to exploit a Venezuelan government-administered food program;
- attempts by the Maduro regime to evade sanctions and AML/CFTC controls by using digital currency; and
- new financial "red flags" to help financial firms identify and report suspicious activity in connection with senior Venezuelan political figures.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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