Wealthy English polo patrons Siri Evjemo-Nysveen and Alessandro Bazzoni face accusations of using their positions at MBaer Merchant Bank to launder proceeds from illegal Venezuelan oil sales. The US Treasury linked both figures to allegations of funneling millions of barrels worth of oil from Petróleos de Venezuela (PDVSA) through the now-defunct Swiss institution.

Switzerland's financial regulator withdrew MBaer's license last month citing inadequate anti-money laundering controls. The US Treasury has since proposed designating MBaer as an "institution of primary money laundering concern," claiming the bank "anchored in Venezuela corruption" facilitated illicit transactions for years.

The accused couple denied the allegations, noting Bazzoni was previously removed from US sanctions lists. Evjemo-Nysveen owns an eight-bedroom property near Windsor purchased for $8 million in 2021. Their solicitors characterized Treasury references as "unsubstantiated or debunked sources," claiming no investigative action has been taken against either in the UK.

Regulatory scrutiny intensifies as MBaer's alleged money laundering network expands to include figures connected to Russian and Iranian sanctions evasion. The Swiss bank's liquidation follows mounting evidence of its role in facilitating financial crimes that bypassed international restrictions on Venezuela's oil sector.