MALTA: FIRM LINKED TO ALLEGED VENEZUELA MONEY LAUNDERING WINS CASE AGAINST MFSA AFTER LICENCE SUSPENDED

The Times of Malta on 24th October reported that a financial services tribunal has ordered the MFSA to revisit its decision to effectively suspend the operations of Portmann Capital after the firm was linked to an alleged conspiracy to embezzle over a billion dollars from Venezuela’s state-owned oil company.  It found that the MFSA’s decision to stop Portmann Capital taking on new clients and carrying out transactions was tantamount to cancelling its licence.  Portmann Capital complained to the tribunal that the decision to suspend its operations rather than completely revoke its licence had left it in limbo – had the licence been cancelled by the MFSA, it said it would have been able to continue to operate pending an appeal.

https://timesofmalta.com/articles/view/firm-linked-to-alleged-venezuela-money-laundering-wins-case-against.744459

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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