The Financial Crimes Enforcement Network (FinCEN), part of the U.S. Treasury, detailed its findings in the case of Bancrédito International Bank and Trust Corporation.
Notably, it highlighted “Customer A,” an associate of “Executive A,” identified as a Venezuelan national with residences in both Venezuela and Miami, Florida. This individual had established a personal banking account at Bancrédito in March 2014, at which time he was publicly implicated in a civil lawsuit related to a Venezuelan Ponzi scheme and bribery scandal.
This scandal, often referred to as Francisco Illarramendi’s PDVSA pension funds scandal, featured “Customer A,” Moris Beracha, in a central role. Additionally, FinCEN placed Beracha at the heart of the money laundering operations tied to Julio Herrera Velutini, “Executive A.”
FinCEN further elaborated that starting in 2016, Bancrédito broadened its offerings to include U.S. dollar-denominated correspondent accounts for foreign financial institutions. This included allowing foreign entities to hold U.S. dollar accounts at Bancrédito, primarily servicing institutions operating within Central America and the Caribbean while the true senders and receivers often resided in Venezuela.
Consequently, throughout the relevant period, the bank’s clientele and business model heightened its risk profile regarding anti-money laundering (AML) issues. In January 2023, the Office of the Commissioner of Financial Institutions (OCIF) issued a Complaint and a Receivership Order, appointing a receiver to oversee the liquidation of Bancrédito and manage its assets.
Herrera Velutini’s troubles stemmed from bribing Wanda Vazquez, a former politician from Puerto Rico, who has since been charged in connection with a bribery scheme. His controversial contributions to the Conservative Party in the UK, as well as his involvement in events like the Platinum Jubilee, have also garnered negative media coverage.
Meanwhile, authorities in Puerto Rico have estimated that over $10 billion may have transacted through Herrera Velutini’s Bancrédito between October 2016 and December 2020. Reports suggest that he is particularly anxious about the fate of his extensive art collection, some of which was acquired via the sister-in-law of Leopoldo Lopez, Valentina Tintori.
Lastly, FinCEN mentioned “Customer B” in its findings, which could refer to various individuals; however, many analysts believe that Adrian Velasquez Figueroa most closely fits this description.
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