Key Documents

June 5, 2008

July 21, 2008

July 1, 2008

August 16, 2005

July 13, 2005

August 22, 2003

February 16, 2002

January 11, 2002

Important Facts

The U.S. State Department identifies Portugal as a major money laundering jurisdiction. The country is an entry point for narcotics transitioning into Europe, and the majority of money laundered is narcotics related. Other significant sources of criminal proceeds placed into the financial system are corruption, traffic in works of art and cultural artifacts, extortion, embezzlement, tax offenses, smuggling, prostitution, organized crime, gambling, and aiding or facilitating illegal immigration. Real estate purchases are often used for laundering criminal proceeds.In 2017, Portugal proposed legislation designed to relax bank secrecy and allow tax inspectors access to information on bank accounts suspected of being affiliated with money laundering.

Source: 2018 International Narcotics Control Strategy Report (INCSR)

KYC Covered Entities: Banks, credit institutions, and investment companies; financial leasing, factoring, and mutual guarantee companies; electronic money institutions; life insurance, pension fund management, and credit securitization companies; venture capital and venture capital funds management companies; collective investment entities; postal service entities; casinos and lotteries; property dealers; lawyers, accountants, and auditors; and dealers in high-value goods
STR Covered Entities: Banks, credit institutions, and investment companies; life insurance companies; financial leasing, factoring, and mutual guarantee companies; electronic money institutions; pension fund management, and credit securitization companies; venture capital and venture capital funds management companies; collective investment entities; postal service entities; casinos and lotteries; property dealers; lawyers, accountants, and auditors; and dealers in high-value goods
Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A

Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rank : 128/141

Score : 3.66/10

Rank : 30/180

Score : 62/100

Rank : 76/133

Score : 54/100