Portugal

New Documents

The government of Portugal issued Law 83/2017, which outlines anti-money laundering and counterterrorist financing controls that are in line with the European Union’s¬†Directive 2015/849.

The Financial Action Task Force published a mutual evaluation report of Portugal’s anti-money laundering and counterterrorist financing framework which notes that the country must still improve implementation of measures aimed at non-financial businesses and professions.

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 : 107/125
Score : 4.1/10

TRANSPARENCY INTERNATIONAL i

Rank : 30/180
Score : 62/100

Tax Justice Network i

Rank : 76/133
Score : 54/100