Spanish National Court files the case for money laundering against the principal involved in the 'Venezuela case' of BPA

The Spanish National Court suspends the investigation against Nervis Villalobos, who was accused of attempting to steal information from a Venezuelan public oil company.

The judicial officer of the Spanish National Court concludes that the $6 million dollars that Villalobos kept in BPA’s subsidiary bank, Banco Madrid, were generated and based on legitimate advice and practices. This is yet another victory for BPA, who became implicated in money laundering accusations because of allegations, such as those against Villalobos. 

Villalobos was accused of having set up a corporate structure to steal money from Venezuelan oil company, PDVSA and to have kept that money in a BPA account. However, the judicial officer decided that the advisory contracts and the services Villalobos provided were in fact legitimate. This provides more support for BPA’s claims that it carried out the relevant controls and practices to ensure their accounts had no money that came from punishable illicit activities. 

This article is adapted from an article originally published in Fuentes Informadas on 02 September 2022.