Regulatory Alerts2018-04-19
Advisory on Widespread Public Corruption in Venezuela (FinCEN Advisory FIN-2017-A006)
The Financial Crimes Enforcement Network (FinCEN) issued this advisory to alert financial institutions to the pervasive public corruption in Venezuela. It highlights that public officials in Venezuela are frequently involved in corrupt activities, including bribery and embezzlement, which pose significant money laundering risks. The advisory urges covered financial institutions to conduct enhanced due diligence and file suspicious activity reports when dealing with Venezuelan public officials or entities linked to them.
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