US sanctions in Venezuela having a 50$ billion impact

As US sanctions keep increasing, some other jurisdictions are seeing the the material impacts.

Puerto Rico is suffering a massive crack down on its offshore banking industry as Venezuela targeted sanctions impact the holdings of the financial sector.

The language and other specific factors of the Puerto Rico market were very attractive for Venezuelan officials to offshore their wealth into American soil.

The Fed has reported to limit the opening of Puerto Rican Banks accounts an the deliverance of licences as the situation develops to prevent a further impact in the US economy.

The impact of the sanctions applies to all Americans and includes other territories as the US Virgin Islands, creating a large impact into the offshore system and putting further press ion into Maduro’s Regime.



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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