If you keep a calendar on statements made by regulatory agencies, you known that PORTMANN CAPITAL MANAGEMENT LTD., alleged to have moved and laundered in excess of $100m in oil money originating in Venezuela, was given, by Malta's MFSA one year last February to clean up its act. The funds were part of nearly one billion dollars embezzled from PDVSA, the Venezuelan government oil utility.
The year has now elapsed, and then some, and we have not seen any action by the regulator against Portmann, its officers and directors, or its clients. MFSA ordered Portmann to correct its ineffective money laundering controls within one year, and there has been no information whatsoever released indicating that there was any remedial action taken by the company. This is but one more instance of complete failure by the Malta Financial Services Authority to rein in money laundering companies and their officers.
So long as money launderers can operate with impunity in Malta, other financial criminals will be attracted to its financial institutions and offshore structure.