Senior representatives of those Venezuelan banks believed to be on the short list for US sanctions have attended a meeting in Caracas with US Ambassador Patrick Duddy. They were seeking assurances that their institutions would not be designated by the US Treasury Office of Foreign Assets Control (OFAC), and denying that they were involved in money laundering, terrorist financing, and rampant corruption. Eyewitnesses to the meeting stated that they accused the foreign financial media of bias, and cast aspersions upon the motives of journalists reporting money laundering stories. What they should have realised is that it is the Department of the Treasury, not the State Department, that has the power over sanctions, and Treasury's sword, whilst not yet having impaled those money laundering banks, is poised to fall upon them. The bankers do not yet understand that it is not a question of if, but only of when, the sanctions will be issued. They would do well to visit the Secretary of the Treasury if they are genuinely serious about avoiding the imminent sanctions, and begin cooperating in AML and CFT in a meaningful way.

The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.