Banca Privada d'Andorra (BPA), a private bank, was used by networks inside state-run oil holding Petróleos de Venezuela (Pdvsa) to make investments in sophisticated financial facilities that helped divert Pdvsa's funds towards a money laundering scheme that ended up aiding the international organized crime.

The news was given by Jennifer Shasky Clavery, director of the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury. The senior officer said that BPA dealt with "money from Russian and Chinese criminal organizations and enabled the incorporation of front companies that diverted funds coming from Pdvsa," stated an official paper of FinCEN.

The entire board of Spain’s Banco de Madrid bank catering to wealthy clients has resigned after its Andorran owner was accused by the U.S. of money laundering for clients from China, Russia and Venezuela, Banco de Madrid said Thursday. (AP Photo/Paul White)