US Sanctions Disrupt Venezuelan Money-Launderers Reply

BPAThe U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) yesterday named Banca Privada d’Andorra (BPA) as a foreign “money laundering concern.”  FinCEN’s notice also said a senior BPA manager accepted exorbitant commissions to process transactions related to Venezuelan third–party money launderers. “This activity involved the development of shell companies and complex financial products to siphon off funds from Venezuela’s public oil company Petroleos de Venezuela (PDVSA). BPA processed approximately $2 billion in transactions related to this money laundering scheme,” reported FinCEN. Reuters subsequently reported that the government of Andorra has taken control of BPA.

 

 

 

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