Kenneth Rijock

Kenneth Rijock

Friday, January 25, 2019

BE ALERT FOR UNUSUAL TRANSFERS OF CAPITAL BY VENEZUELAN NATIONALS FLEEING THEIR COUNTRY

 
We recently advised compliance officers to remain alert for the sudden movement of funds, by senior Venezuelan PEPs, and other government insiders, should the Maduro government collapse, or  a violent civil war break out. Now, after the United States has recognized the Opposition candidate as the elected president, and Venezuela has banished American diplomats from the country, your media antenna should be focused upon unfolding developments, as you carefully review all large US Dollar transactions sent by Venezuelan nationals.

You can expect that Venezuelan PEPs who cannot prove that the source of their wealth is legitimate will be making contingent plans to relocate their asserts outside of the region, fearing that the next democratic Venezuelan government will seek to seize and forfeit money in their accounts. Maintain a high level alert for this type of "flight capital;" This is not profiling, but a response to the increased level of risk that the political chaos in Venezuela has spawned.

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