In September of 2017, the Department of the Treasury’s Financial Crimes and Enforcement bureau (FinCEN), issued a warning about widespread public corruption in Venezuela and the methods Venezuelan corrupt politicians and their associates, were using to move the proceeds of such acts into the U.S. banking system.
Now, the agency recently announced the issuance of the same warning in Spanish. The agency has said it felt the need to release the Advisory in Spanish, “to make it more widely accessible.”
Both the English and Spanish versions of the alert included a list of “red flags” that financial institutions should be aware of regarding any transactions with Venezuelan government, their allies, or associates.
Not falling victim to money laundering schemes by corrupt regimes can be difficult. If you would like to benefit from our expertise in these areas, or if you have further questions on this Advisory, do not hesitate to contact our International Tax specialists, or call us at 1-800-239-1474.