A notice issued by the United States Department of the Treasury has raised concerns about alleged money laundering linked to illegal sales of Venezuelan oil. The notice connects two figures from the English polo community to financial activity that may have helped move money from these oil deals through a Swiss bank.
The notice was published by the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury. It proposed that Zurich-based MBaer Merchant Bank be designated an “institution of primary money laundering concern.” Officials said the bank had, for years, directly or indirectly facilitated money laundering for illicit actors.
The notice also stated that the bank handled financial activity involving individuals linked to Russia and Iran. It added that the bank’s beginnings were closely connected to corruption tied to Venezuela.
MBaer Merchant Bank was founded in 2018 by Michael Bär, a descendant of the Swiss banking family behind Julius Baer. However, the institution recently collapsed. Switzerland’s financial regulator, the Swiss Financial Market Supervisory Authority (FINMA), withdrew the bank’s licence after finding it lacked an adequate structure to combat money laundering. The bank later entered liquidation.
Secret Venezuelan Oil Sales at the Center of Allegations
The Treasury notice claims that millions of barrels of Venezuelan crude oil were secretly sold to bypass US sanctions. These sanctions were imposed on Petróleos de Venezuela in January 2019 due to its support for the government led by Nicolás Maduro.
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According to the notice, the secret oil sales generated large sums of money outside official channels. Authorities said the proceeds were allegedly diverted through complex financial networks instead of benefiting the Venezuelan public. The Treasury described the activity as an embezzlement scheme linked to PDVSA corruption.
The document states that Siri Evjemo-Nysveen served as vice-chair of MBaer Merchant Bank from September 2020 to May 2023 and had been a board member since 2019. The notice alleges that she used her position at the bank to help facilitate payments related to the corruption scheme.
Authorities said these payments were reportedly made on behalf of Italian businessman Alessandro Bazzoni, who was also a minority shareholder in the bank. According to the Treasury notice, he was sanctioned by the Office of Foreign Assets Control in January 2021 for allegedly providing material support to a sanctions-evasion network connected to PDVSA. The notice acknowledged that he was later removed from the sanctions list.
The bank was also reported to have maintained an account for José Luis Chávez Calva, described as a key figure accused of helping move billions of dollars obtained through PDVSA corruption. Authorities alleged that he handled funds connected to the network on behalf of several individuals, including businessman Alex Saab.
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Responses From Those Named and Other Details
Those named in the Treasury notice strongly denied the allegations. Alessandro Bazzoni and Siri Evjemo-Nysveen, along with their legal representatives, said the references in the notice relied on sources they described as unsubstantiated or already disproven. They argued that Bazzoni’s removal from the US sanctions list showed he had previously been vindicated.
They also said that neither US nor Swiss authorities have taken investigative or legal action against Evjemo-Nysveen regarding the allegations mentioned.
José Luis Chávez Calva also denied the claims. He said he has no criminal convictions in any jurisdiction and that any account held at the bank was for legitimate personal and professional use. He denied any involvement in money laundering or acting as a financial facilitator.
The case has drawn attention in the United Kingdom because both polo patrons are active in the English polo scene. Bazzoni supports the Monterosso team, while Evjemo-Nysveen previously supported a team called Vikings.
Bazzoni also played in a charity polo tournament against Prince William in 2022 while he was still on the US sanctions list. Records also show that Evjemo-Nysveen owns an eight-bedroom property with stables and fields near Windsor, purchased in 2021 for about £8 million.
Despite the allegations in the Treasury notice, the National Crime Agency in the UK said it follows a policy of neither confirming nor denying whether investigations into such matters exist.