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FinCEN advisory warns of Nicaraguan money laundering

Joe Mont | October 5, 2018

On Oct. 4, the Financial Crimes Enforcement Network issued an advisory to alert U.S. financial institutions of the increasing risk that proceeds of political corruption from Nicaragua may enter the U.S. financial system. 

FinCEN said it expects that senior foreign political figures connected to the regime of Nicaraguan President Daniel Ortega could react to the perceived threat of further unrest, potential sanctions, or other factors by moving assets out of their accounts in Nicaragua or elsewhere. These assets could be the proceeds of corruption, and they may be directed into U.S. accounts, or laundered through the U.S. financial system, it says.

FinCEN requests that financial institutions file Suspicious Activity Reports, consistent with their existing Bank Secrecy Act obligations, when they identify potential misuse of Nicaraguan public funds or potential proceeds of political...

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