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FinCEN: Beware of laundering Venezuela bribe money

Jaclyn Jaeger | September 22, 2017

The Financial Crimes Enforcement Network (FinCEN) issued an advisory, warning banks about widespread public corruption in Venezuela and what methods Venezuelan senior political figures may use to move and hide corruption proceeds.

In its advisory, issued Sept. 20, FinCEN warned that transactions involving Venezuelan government agencies and SOEs, particularly those involving government contracts, can potentially be used as vehicles to move, launder, and conceal embezzled corruption proceeds. SOEs, and their officials, may try to use the U.S. financial system to move or hide proceeds of public corruption.

Among the SOEs referenced in OFAC’s recent designations related to Venezuela are:

  • The National Center for Foreign Commerce (CENCOEX);
  • Suministros Venezolanos Industriales, CA (SUVINCA);
  • The Foreign Trade Bank (...
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