New guidance outlining the methods corrupt Venezuelan officials allegedly use to conceal and move the proceeds of graft will help advance federal investigations in part by generating more-tailored suspicious activity reports from U.S. lenders, say sources. An advisory issued Wednesday by the U.S. Treasury Department's Financial Crimes Enforcement Network claims that Venezuelan officials and representatives of state-owned enterprises such as the National Center for Foreign Commerce, the Foreign Trade Bank and Venezuelan Economic and Social Bank may divert state funds to personal and corporate accounts held at offshore banks. "The Venezuelan government appears to use its control over large parts...
U.S. officials are weighing the imposition of new travel and financial restrictions on individuals and companies in Venezuela in light of the country's deteriorating institutional and economic crisis.
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