A Venezuelan national was sentenced to 12 years in prison for conspiracy to launder money and agreed to a $1 billion money judgment, the U.S. Department of Justice said on November 3. Court documents described a network that used bank accounts, cryptocurrency exchange accounts, private wallets, and shell companies to move illicit funds into and out of the United States.

According to the department, more than $1 billion passed through an identified cryptocurrency wallet and various financial accounts. The network converted funds to cryptocurrency, sent them to liquidity providers for conversion into dollars, and transferred the dollars through bank accounts. Outbound funds went to businesses and individuals in the United States and overseas, including in Colombia, China, Panama, and Mexico.

Why it matters

  • The case involved movement across cryptocurrency wallets, exchanges, liquidity providers, banks, and shell companies.
  • The sentencing announcement illustrates the cross-border reach described in the court documents.