MALTA: MFSA CANCELS LICENCE OF INVESTMENT FIRM PORTMANN CAPITAL OVER VENEZUELAN MONEY

On 5 February, the Times of Malta reported that the Malta Financial Services Authority (MFSA) had cancelled the licence of an investment firm allegedly used by Venezuelan elites to launder millions in state funds.  The cancellation of Portmann Capital’s licence is still subject to appeal.  US Department of Homeland Security claims that huge sums of money were syphoned from the country’s state oil company, Petroleos de Venezuela, in a complex money laundering scheme and alleges that the Maltese firm received upwards of €20 million for laundering the money, which works out to be a 4% service charge .

https://timesofmalta.com/articles/view/mfsa-cancels-licence-of-venezuela-dirty-money-firm-portmann-capital.932386

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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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