US advises banks to be on lookout for Venezuelan corruption

BOGOTA – The U.S. Treasury is advising banks to be on the lookout for suspicious financial activity indicating corruption by senior Venezuelan officials.

Wednesday’s advisory by the Financial Crimes Enforcement Network asks banks to keep watch for Venezuelan government contracts, wire transfers from shell companies and real estate purchases in south Florida and Houston. It said the advisory arose out of concern expressed by financial institutions that transactions involving state-owned enterprises were being used to launder kickbacks and bribes paid to senior officials, their families and associates.

President Nicolas Maduro has accused the U.S. of trying to impose a financial “blockade” on Venezuela after months of opposition-led protests failed to oust him from power. Last month the Trump administration slapped sanctions on Venezuela that ban investors from buying the nation’s debt.