Trump Administration Targets Swiss Bank MBaer in Venezuela Money Laundering Probe
The U.S. Treasury Department proposed sanctions against Swiss bank MBaer in February 2026, alleging its involvement in money laundering operations connected to the regimes of Venezuela, Russia, and Iran. The action centers on concerns that MBaer facilitated the illicit movement of funds embezzled from Venezuela’s state-owned oil company, Petróleos de Venezuela (PDVSA).
Allegations Against MBaer
The Financial Crimes Enforcement Network (FinCEN) of the U.S. Government accuses MBaer of handling funds linked to corruption schemes that allegedly resulted in millions of dollars in losses for PDVSA. These schemes, according to the Treasury Department, involved bribery, money laundering, and mismanagement. The investigation focuses on accounts held by individuals allegedly involved in these illicit activities, including Alex Saab, described as a front man for former Venezuelan President Nicolás Maduro, and Alessandro Bazzoni, who was previously a minority shareholder of MBaer and has been sanctioned by the U.S. BBC
Connection to Plus Ultra Airline Rescue
The proposed sanctions also highlight a connection to the 2021 Spanish government rescue of Plus Ultra, a Venezuelan capital airline. A Swiss investor of Dutch origin allegedly provided loans totaling over one million euros to Plus Ultra, which were later repaid using funds from the government rescue package of 53 million euros. FinCEN alleges that one of the investor’s accounts at MBaer received over $519,000 in 2021 from Plus Ultra and was used to pay a salary to someone identified as facilitating laundering. NBC News
Spanish Investigation
A judicial investigation in Spain, now under the jurisdiction of the National Court, is examining whether the Plus Ultra rescue was used to launder Venezuelan funds. Authorities have investigated Julio Martínez Sola, the president of the airline, and Roberto Roseli, its CEO, along with an Alicante businessman with ties to former Spanish President José Luis Rodríguez Zapatero. Both Martínez and Roseli were briefly detained and released. NBC News
Broader Context: Trump Administration’s Venezuela Policy
This action against MBaer is part of a broader strategy by the Trump administration to target individuals and entities linked to the Maduro regime. In January 2026, U.S. Forces captured Nicolás Maduro following strikes within Venezuela, and he was subsequently indicted on drug charges in New York. BBC The administration has accused Maduro of flooding the U.S. With drugs and gang members and has designated Venezuelan criminal groups, such as Tren de Aragua and Cartel de los Soles, as Foreign Terrorist Organizations. BBC President Trump has also focused on addressing the influx of Venezuelan migrants into the U.S., blaming Maduro for the country’s economic crisis and repression. BBC
Recent Developments
Following Maduro’s capture, President Trump has praised the leadership of acting Venezuelan President Delcy Rodríguez and highlighted the potential benefits of Venezuela’s oil resources. NBC News Rodríguez has maintained that Maduro remains the legitimate leader of Venezuela. NBC News