Venezuela

Reset Filter

Jurisdictions

Industry Sectors

Predicate Crimes

Enforcement

Regulatory Update

Featured Venezuela

Phantom oil buyers in Russia, advice from Iran help Venezuela skirt sanctions

On Aug. 21, a tanker called the Otoman docked at the Jose oil terminal on Venezuela’s coast in the Caribbean to load 1.82 million barrels of heavy crude, according to the state oil company’s internal documents. Yet no tanker with that name is registered in major global shipping databases. Muddying… Read More

Hugo Chavez’s ex-nurse indicted in US for money laundering

AP – Hugo Chávez’s former nurse has been charged with money laundering in a Miami federal court, accused of taking bribes from a billionaire media mogul to green light lucrative currency transactions when she served as Venezuela’s national treasurer. Claudia Díaz and her husband, Adrían Velasquez, were accused of… Read More

U.S. unveils more sanctions on Iran and sells off Iranian oil

The Trump administration on Thursday unveiled a set of punitive measures against Iran, including sanctions for petrochemical sales, in a pre-election move that analysts say could complicate efforts if a new administration takes office and seeks to rejoin the nuclear agreement with the country. The Treasury and State departments sanctioned… Read More

26th October 2020

Julius Baer to Withhold Millions in Bonuses from CEOs Who Oversaw AML Lapses: FT

Switzerland’s Julius Baer will withhold millions of francs in bonuses from two former chief executives after an internal investigation faulted the pair for failing to protect the bank from a South American money laundering scandal, the Financial Times reported. The Swiss wealth manager is seeking to withhold more than… Read More

15th October 2020

Swiss authorities return seized $37 million to CONMEBOL

AP — Swiss authorities said Wednesday they are returning about $37 million in seized funds to South American soccer confederation CONMEBOL. The money is linked to a Swiss corruption investigation into CONMEBOL’S former president Nicolás Leoz of Paraguay and former secretary-general Eduardo Deluca of Argentina. Leoz and Deluca were among… Read More

8th October 2020

Swiss bank sanctioned over PDVSA

Switzerland’s financial regulator said it is spending a lot of its time fighting money laundering in offshore banks. It sanctioned a third Swiss private bank for dealings with Venezuelan bolichicos. Finma is sanctioning Banca Credinvest over dealings with Venezuelan clients, it said in a statement on Tuesday. The tiny… Read More

1st October 2020

U.S. sanction plan for Iran would imperil drug, food imports

A U.S. proposal to almost totally sever Iran from the global financial system could sharply hinder its ability to secure supplies of food and drugs as it struggles to contain a resurgence of the worst coronavirus outbreak in the Middle East. The Trump administration is considering targeting more than… Read More

24th September 2020

U.S. blacklists Venezuelan lawmakers, alleging election manipulation

The United States on Tuesday imposed sanctions on Venezuelan lawmakers it accused of supporting the country’s leftist leader, Nicolas Maduro, and his planned legislative elections that Washington has said will likely be rigged. The Treasury in a statement accused the five blacklisted individuals of having acted as part of a… Read More

23rd September 2020

The new Cold War is financial

Imagine you are Noel Quinn, recently confirmed chief executive of HSBC. Sitting high up in London’s Canary Wharf or overlooking the harbour from the bank’s Hong Kong base, he must be facing a range of challenges. Many of these challenges are ‘known knowns’. Rising loan losses as the health of… Read More

22nd September 2020

How banks helped Venezuela’s ‘boligarchs’ extract billions

By Sasha Chavkin and Patricia Marcano, ICIJ, 21 September 2020 ICIJ — On a rusty gas stove in Selena Ramirez’s apartment, a small flame was glowing. Ramirez, 69, shares the apartment with her daughter and 11-year-old grandson. It is on the ground floor of a government housing complex in San Francisco… Read More

22nd September 2020

FinCEN Files: Dublin business features in leak of US treasury documents

An unprecedented glimpse into the staggering amounts of suspect money that flow through the international banking system is revealed in leaked files from an agency of the US Department of the Treasury that have been seen by The Irish Times. The files show that the world’s largest banks play a… Read More

21st September 2020

Court unfreezes accounts of Mexican firm sanctioned by U.S.

A Mexican court has unfrozen the bank accounts of a local company blacklisted by the United States for trading in oil with Venezuelan state oil firm PDVSA despite U.S. sanctions, Mexico’s anti-money laundering unit said on Saturday. In a statement, Mexico’s Financial Intelligence Unit (UIF) said it disagreed with the… Read More

18th September 2020

US moves to seize $330m of alleged 1MDB assets held by UK law firm

The US Department of Justice (DoJ) has moved to seize $330m (£256m) held in the bank account of a major London law firm which prosecutors allege is derived from the proceeds of one of the world’s largest financial frauds. The DoJ has filed civil forfeiture proceedings against funds… Read More

Must Read

JPMorgan Chase Unit to Pay $250 Million Penalty Over Poor Internal Controls

Benefit scams worth £1bn foiled during lockdown

CSIS alleges Iran used Toronto company to wire millions to Canada despite sanctions

‘I Already Knew Who Was Behind Her’: A Mysterious Woman, a Top Russian Official, and Contracts Worth Millions

Indonesian fisheries minister arrested by anti-graft agency