The United States Department of the Treasury announced on Wednesday that it will impose sanctions against the son of Nicaraguan President Daniel Ortega, the same day Washington informed that it will limit remittances to Cuba and penalize the Central Bank of Venezuela.
The Office of Foreign Assets Contro pointed out Laureano Ortega Murillo, son of Nicaraguan President Daniel Ortega and Vice President Rosario Murillo, as well as the Nicaraguan bank Banco Corporativo SA (BanCorp).
The decision was made in accordance with Executive Order 13851 and aims to identify possible corrupt financial operations and support networks for the Ortega regime, such as BanCorp, a subsidiary of Alba de Nicaragua, SA (ALBANISA), an entity financed by the Venezuelan government and created in 2014.
According to the Treasury Department, the bank is used by the Ortega regime to launder and hide money. It would also be used by the party of the Sandinista National Liberation Front (FSLN) of President Ortega to launder money.
Laureano Ortega is an Investment Promotion Advisor for the Nicaraguan government agency, ProNicaragua. US authorities identified that the rulers’ son became involved in apparently corrupt businesses in which foreign investors paid for preferential access to the Nicaraguan economy.
In addition, he coordinated the executive tasks for the Grand Canal project in Nicaragua and was at the center of its creation. Despite the loss of momentum in the project, the Ortega family would continue to use the Nicaragua Canal Company allegedly as a means to launder money and acquire properties along the canal’s planned route.