UK polo patrons linked to the LAUNDERING OF PROCEEDS from the sale of Venezuelan oil

US authorities have linked two high-profile figures in the UK's elite polo community to alleged money laundering involving illicit sales of Venezuelan crude oil by the state-owned company Petróleos de Venezuela S.A. (PDVSA).

Financial Crimes Enforcement Network (FinCEN) notice NAMES

• Siri Evjemo-Nysveen, former vice-chair of the now-defunct Swiss private bank MBaer Merchant Bank AG, and
• her husband Alessandro Bazzoni, an Italian businessman and polo patron,

The couple is reported to reside in the UK, with Evjemo-Nysveen owning a substantial property near Windsor.

The document, published in early March 2026 as part of a proposed rulemaking under Section 311 of the USA PATRIOT Act, identifies MBaer as a financial institution of "primary money laundering concern."

US Treasury Accuses Prominent UK Polo Figures of Facilitating Money Laundering Tied to Venezuelan Oil Corruption

• US authorities have linked two high-profile figures in the UK's elite polo community to alleged money laundering involving illicit sales of Venezuelan crude oil by the state-owned company Petróleos de Venezuela S.A. (PDVSA).
• Siri Evjemo-Nysveen, former vice-chair of the now-defunct Swiss private bank MBaer Merchant Bank AG, and her husband Alessandro Bazzoni, an Italian businessman and polo patron, are named in a Financial Crimes Enforcement Network (FinCEN) notice.
• The document, published in early March 2026 as part of a proposed rulemaking under Section 311 of the USA PATRIOT Act, identifies MBaer as a financial institution of "primary money laundering concern."

The Allegations

• FinCEN alleges that MBaer facilitated money laundering connected to a PDVSA corruption scheme. According to the notice, PDVSA covertly sold large volumes of crude oil in violation of US sanctions, with proceeds allegedly misappropriated and diverted away from the Venezuelan public.
• Specifically, the FinCEN document states that Evjemo-Nysveen — who served as MBaer's Vice Chairperson from September 2020 to May 2023 and as a board member from 2019 to 2023 — reportedly used her position to further payments through the bank related to the PDVSA scheme.
• These actions allegedly occurred on behalf of her husband, Bazzoni, who was a minority shareholder in MBaer at the time.
• The bank, founded in 2018 by Michael Bär (a descendant of the Julius Baer banking family), is accused of processing at least $100 million in illicit transactions since 2019, including those linked to Venezuelan, Russian, and Iranian actors. MBaer has since entered liquidation following regulatory scrutiny by Swiss authorities (FINMA) over anti-money-laundering and sanctions-compliance failures.

Bazzoni had been sanctioned by the US Treasury's Office of Foreign Assets Control (OFAC)

• Bazzoni had been sanctioned by the US Treasury's Office of Foreign Assets Control (OFAC) in January 2021 as a "core facilitator" of a sanctions-evasion network tied to PDVSA.
• Although he was removed from the sanctions list in 2025 amid shifts in US policy toward Venezuela, the FinCEN notice notes that Evjemo-Nysveen's alleged facilitation occurred while he remained designated.

Polo Connections in the UK

• Evjemo-Nysveen and Bazzoni are well-known in British high-society polo circles. Bazzoni has funded and patronised high-goal teams such as Monterosso (named after his Italian hometown) and MT Vikings, the latter for which Evjemo-Nysveen has played professionally.
• Their teams have competed at prestigious venues such as Guards Polo Club and have won titles, including the Prince of Wales’s Championship Cup in 2023.
• Bazzoni notably participated in a charity polo match against Prince William in Windsor in 2022, during the period when he was still under US sanctions.
• Their involvement in the sport has included significant investment in polo horses and events, drawing attention from both polo enthusiasts and, reportedly, UK authorities investigating potential money laundering links in the polo community.

Broader Context

• The FinCEN action proposes special measures that would effectively cut MBaer off from the US financial system by prohibiting US institutions from maintaining correspondent accounts for the bank or processing transactions involving it.
• This is part of ongoing US efforts to combat sanctions evasion and corruption linked to the Venezuelan regime.
• PDVSA-related scandals have led to numerous international investigations, arrests, and sanctions over the years.
• While Bazzoni and Evjemo-Nysveen have faced previous allegations and (in Bazzoni's case) temporary sanctions, they have reportedly denied wrongdoing in connection with money laundering or sanctions violations.
• Venezuelan authorities have also sought their extradition in relation to broader PDVSA-Cripto corruption probes, though they remain at large.
• This latest FinCEN notice has renewed media focus on how funds from alleged illicit oil sales may have flowed through European financial channels and into luxury sectors like polo.

Note:

• These are allegations detailed in a US regulatory notice based on public and non-public information.
• No criminal charges against Evjemo-Nysveen or Bazzoni have been reported in connection with this specific FinCEN action, and both individuals are entitled to the presumption of innocence.
• The proposed rule against MBaer remains subject to a comment period and finalisation.

SOURCES

• include official FinCEN and Federal Register documents, as well as reporting from Reuters, Financial Times, and other outlets covering the story in March 2026.
• related to the FinCEN notice, the allegations against Siri Evjemo-Nysveen and Alessandro Bazzoni, the MBaer Merchant Bank case, and their polo connections.

Official US Government / FinCEN Sources

• FinCEN / Regulations.gov Proposed Rule (Full Notice of Proposed Rulemaking): https://www.regulations.gov/document/FINCEN-2026-0001-0001
• Federal Register Full Text (March 2, 2026): https://www.federalregister.gov/documents/full_text/xml/2026/03/02/2026-04033.xml or https://www.federalregister.gov/documents/2026/03/02/2026-04033/proposal-of-special-measure-regarding-mbaer-merchant-bank-ag-as-a-financial-institution-operating
• FinCEN Press Release / Treasury Announcement (Feb 26, 2026): https://www.fincen.gov/news/news-releases/treasury-proposes-rule-sever-swiss-bank-mbaers-access-us-financial-system or https://home.treasury.gov/news/press-releases/sb0408
• FinCEN NPRM Page: https://www.fincen.gov/resources/statutes-regulations/federal-register-notices/proposal-special-measure-regarding-mbaer
• OFAC Delisting of Bazzoni (January 2025): https://ofac.treasury.gov/recent-actions/20250113

News and Investigative Reports

• Financial Times article on polo connections (relevant background): https://www.ft.com/content/82f41182-0344-4e17-86ef-a2e61e689edf
• El Nacional (Spanish) – Figuras del polo en Inglaterra acusadas de lavar dinero de PDVSA (March 2026): https://www.elnacional.com/2026/03/figuras-del-polo-en-inglaterra-acusadas-de-lavar-dinero-de-pdvsa/
• MSN / Insight article – US links Swiss bank to Venezuelan oil scandal: https://www.msn.com/en-us/news/insight/us-links-swiss-bank-to-venezuelan-oil-scandal/gm-GM6CC8BE4C
• Debevoise & Plimpton client alert on FinCEN action: https://www.debevoise.com/insights/publications/2026/03/fincen-proposes-cutting-off-swiss-bank-mbaers-us
• Money Laundering News on FinCEN targeting MBaer: https://www.moneylaunderingnews.com/2026/03/fincen-targets-mbaer-with-most-severe-section-311-measure/
• Infodio background on MBaer and Bazzoni: https://infodio.com/09032021/mbaer/merchant/bank/us/treasury/alessandro/bazzoni/norgeoil
• Steemit / related coverage on the couple as fugitives in PDVSA scandal: https://steemit.com/sirievjemo/@skshl/siri-evjemo-nysveen-and-alessandro-bazzoniremain-the-last-fugitives-in-pdvsa-corruption-scandal

Additional Context Sources

• Atlantic Council on recalibrating Venezuela sanctions (mentions Bazzoni delisting): https://www.atlanticcouncil.org/in-depth-research-reports/issue-brief/recalibrating-the-use-of-individual-sanctions-in-venezuela/
• Wikipedia summaries (for broader context – use with caution): United States sanctions during the Venezuelan crisis: https://en.wikipedia.org/wiki/United_States_sanctions_during_the_Venezuelan_crisis

These links cover the core primary documents (FinCEN notice) and major reporting. The official FinCEN/Federal Register pages contain the detailed allegations about the bank, Evjemo-Nysveen’s role, and connections to PDVSA funds.

Important notes:

• Some articles may be paywalled (e.g., FT).