In New Advisory, US Cites Money Laundering and Corrupt Venezuelan Food-Aid Program

The U.S. Treasury Department expanded its advisory on widespread public corruption in Venezuela, citing large-scale trade-based money laundering schemes and misuse of a government-sponsored food distribution program.

The advisory, issued Friday by the Treasury’s Financial Crimes Enforcement Network, followed a failed uprising earlier in the week by Venezuelan opposition leader Juan Guaido against Nicolas Maduro, who leads a government the U.S. and a number of neighboring states see as illegitimate.

The document alerts financial institutions about the methods senior Venezuelan political figures and their associates utilize to move, hide and access proceeds of corruption. It updates an earlier advisory from 2017 by adding an overview of U.S. sanctions designations and enforcement actions taken since then, as well as identifying some red flags for banks to help spot indicators of corruption.

The new advisory flagged additional jurisdictions, including the Caribbean and southern Europe, as regions of concern for

... read more at: https://brief.kharon.com/updates/in-new-advisory-us-cites-money-laundering-and-corrupt-venezuelan-food-aid-program/

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