Analysis and Commentary on Money Laundering, Terrorist Financing and Financial Crime
Thursday, September 21, 2017
FINCEN PUBLISHES RED FLAGS OF CORRUPT VENEZUELAN FINANCIAL TRANSACTIONS
We have been covering Venezuelan governmental corruption, and the dangers that it poses to US banks and NBFIs, for many years. This week, the Financial Crimes Enforcement Network, or FinCEN, issued an alert, FIN-2017-A006, entitled Advisory toFinancial Institutions on Widespread Political Corruption in Venezuela. The advisory details many of the Red Flags that have previously appeared on this blog, and it is humbly suggested that it be required reading for all compliance officers whose bank clients have any international trade with Venezuela, in both its private, as well, as public sectors.
Readers may access the complete text of the advisory here.