Portugal

New Documents

The central bank of Portugal, Banco de Portugal, released its Cooperation Plan for 2022, highlighting the regulator’s goals for safeguarding the country’s financial system.

Investigators in Portugal issued 33 search warrants to raid various locations in Lisbon and Porto, including a bank and sports company, in connection with a fraud, tax evasion and money laundering probe involving soccer player team transfers from a national soccer club.

News

Enforcement Actions

0 Items Found


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)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 12 High : 0
Largely Compliant : 22 Substantial : 6
Partially Compliant : 6 Moderate : 5
Non-Compliant : 0 Low : 0

BASEL i

Rank : 128/141
Score : 3.66/10

TRANSPARENCY INTERNATIONAL i

Rank : 30/180
Score : 62/100

Tax Justice Network i

Rank : 76/133
Score : 54/100