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FinCEN Warning: There is an increased risk of assets from Nicaraguan political corruption entering t


On October 4, 2018 the U.S. Financial Crimes Enforcement Network (FinCEN) issued an advisory warning U.S. financial institutions that there is an increased risk that proceeds from political corruption in Nicaragua may enter the U.S. financial system. Reacting to a perceived increase in the threat of unrest, future sanctions, etc, senior foreign political figures connected to the regime of Nicaraguan President Daniel Ortega may move their assets, which could be the proceeds of corruption, out of Nicaragua and into U.S. accounts or attempt to launder their assets using the U.S. financial system.

FinCEN asks that financial institutions file Suspicious Activity Reports (SARs), as well as continuing with their existing Bank Secrecy Act (BSA) obligations, if they suspect potential misuse of Nicaraguan public funds or proceeds of political corruption from the Ortega regime.

To read the full press release please click here.

To read the FinCEN advisory please click here.

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