Regulatory Alerts2019-05-03
Updated Advisory on Widespread Public Corruption in Venezuela (FinCEN Advisory FIN-2019-A002)
The Financial Crimes Enforcement Network issues this update to alert financial institutions to continuing widespread public corruption in Venezuela under the illegitimate Maduro regime and associated senior political figures. The advisory details specific money laundering schemes, including the abuse of government food programs, over-invoicing trade-based money laundering, and the use of digital assets to evade sanctions and AML/CFT controls. Financial institutions are required to utilize revised red flags to identify and report suspicious activity involving corruption proceeds, while maintaining a risk-based approach that distinguishes illicit regime-linked transactions from normal business involving Venezuelan nationals.
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