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A business model or an abuse of the system

A new corruption scandal shades over Venezuelan government as Mr Naman Wakil ( who made furtive by providing meet to ensure the government food programs) was caught after having sent $5.9 Million to family members of Minister Carlos Osorio apparently in order to obtain such contracts.

As reported by Boomberg, it seems that when dealing with corruption cases in Venezuela related to this affair, one Swiss bank is a common denominator: CHB compagnie Bancaire Helvetique SA.

Furthermore, several Venezuelan officials linked to corruption scandals were also funneling money via this same Financial Institution.

Mr Zair Mundaray (former head of the financial crime office of the attorney general of Venezuela) noted that all cases linked were on the client book of the bank, naming it “the go-to bank” for Venezuelan money to hide.

The US prosecutors are now reportedly looking at the potential links between the bank and the investigated persons, with no accusations formulated over the bank or its employees as per now.

It was noted that by making intra bank transfers, the Venezuelan network was able to avoid swift messages.

Since 2011 the bank expanded their Venezuelan clientele on the entities offices in Geneva, Luxembourg, Nassau and St. Moritz.

The bank claimed to have vetted each client appropriately.

Source

https://www.bloomberg.com/news/features/2019-10-15/swiss-bank-cbh-keeps-cropping-up-in-venezuelan-corruption-cases

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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