Tuesday, November 29, 2011


A well-respected source in Venezuela has published an extensive account of officially-sponsored financial crimes occurring in that country. Whilst we certainly want to see proof, evidence to support these sordid allegations, one jumps out at me, almost begging to be exposed. Since the purpose of the blog is, amongst other things, to expand its readers' perspective on money laundering tradecraft, we will summarise it here.

The reputed money laundering route for illegally diverted public funds coming from Caracas is:

(1) large amounts (totaling billions) of US dollars are shipped, via official Venezuelan Government aircraft to Panama, where it is delivered to Chinese diplomats, who deposit it into private accounts, controlled by the Chinese Government.

(2) The funds eventually are transferred to bank accounts in Hong Kong, and on into banks in Mainland China.

Is this scenario feasible ? If I was a money launderer working for senior Venezuelan PEPs who are engaged in stealing dollars from government accounts, I would want my money placed in the one jurisdiction where the United States has absolutely no influence; that country is the People's Republic of China.

Fact or fiction ? Let's see how this drama unfolds; the truth will undoubtedly be exposed by the next truly democratic government in Venezuela, as they will want to repatriate that stolen money. We will follow up on this story when additional information surfaces.


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