Preventing Money Laundering and Terrorist Financing
1. What is meant by money laundering and terrorist financing
2. Financial Action Task Force (FATF)
3. Coordination Commission for MLTF Policies
5. Restrictive measures
6. Legislation and regulatory rules
7. Useful websites
1. What is meant by money laundering and terrorist financing
In its simplest essence, money laundering is a process by which money originated in point A appears as having been originated in point B. In practice, this means that criminals try to conceal or disguise the origin of illegally obtained money so that it looks as though it has been derived from legal activities,
Or, to put it briefly:
It is an activity aimed at disguising the criminal origin of goods or products, by trying to make them appear legal, and that constitutes a criminal offense pursuant to Article 368-A of the Criminal Code.
In 2003, terrorism financing was made a criminal offense (Article 5-A of Law No. 52/2003 of 22 August 2003, as amended by Article 62 of Law No. 25/2008 of 25 June 2008) that entails the freezing and seizure of assets belonging to perpetrators of terrorism acts or to anyone who supports or finances terrorist groups and organizations, as well as the obligation to report any suspicious transactions that may be related to terrorism. Obligations related to money laundering prevention in the context of funds transfer operations (in particular the obligation to identify) have also been reinforced.
Under the Portuguese legal framework, terrorism financing is considered a criminal offense by virtue of Article 5-A of Law No. 52/2003 of 22 August 2003.
Type of Crime: Laundering - Article 368-A of the Criminal Code (CC) (Decree-Law No 48/95 of 15 March 1995, as amended by Law No 59/2007 of 4 September 2007 - CC)
- Commonly seen as a property crime;
- Included in Title V, concerning crimes against the State;
- Chapter III, crimes against the course of justice;
- The legal interest protected means the proper administration of justice and the stability and soundness of economic, financial and political circuits.
Type of Crime: Money Laundering - Article 368-A of the CC
- Objective condition of the Type: occurrence of any underlying typical illicit fact as those listed in Article 368-A(1) of the CC;
- It is not necessary that the underlying typical illicit fact be accomplished. The performance of preparatory acts is sufficient, provided that it results in benefits and attempts are made to disguise them;
- It is a crime of danger, as maybe there is no "real harm" to the legal interest protected, but the danger that this harm might occur is sufficient;
- It is a crime of abstract danger, as it is not required that the actual danger for the legal interest protected be verified on a case-by-case basis;
- It is a crime of mere activity, as it can be committed only by acting;
- Attempted money laundering is punishable.
Most Usual Types and Techniques within the Real Estate Sector:
- Use of professionals or non-financial "professions";
- Presentation/submission to financial institutions;
- Participation in real estate transactions;
- Carrying out financial transactions;
- Establishment of corporate structures and setting up of legal and financial schemes;
- Purchase of high value properties;
- Purchase or sale of properties for values above or below their market value;
- Use of a "straw man" to buy properties;
- Use of "transit" or "payable through" accounts;
- Malicious use of mortgage loans.
Main indicators within the Real Estate Sector
- Transactions involving parties that are not acting in their own name, trying to conceal the identity of the actual customer;
- Transactions initiated on behalf of a given person and finalised on behalf of another one without any logical justification for that change;
- Operations where the parties show no particular interest in the characteristics of the property (for example, construction quality, location, date of delivery, etc.);
- Transactions involving parties that are not interested in getting a better price for the property or better funding conditions;
- Transactions where the buyer shows great interest in specific areas, without questioning or discussing the purchase price;
- Transactions involving a private contract, without the intention of having it recognized by a notary in order to make it effective, or where that intention is expressed but not formalised;
- Transactions involving the same property made in very close moments in time (for example, buying a property and selling it immediately thereafter) and resulting in a significant increase or reduction in the price as compared to the purchase price;
- Transactions involving payments in cash, banknotes, bearer checks and other anonymous instruments, or where the payment is made by a check endorsed by a third party (for example, when deposits are made to buy the property).
Most usual reasons for investigation in the real estate sector
- Residential property registered in the name of an authorised representative (relatives, friends, trading partners, lawyers or legitimate companies) without any apparent logical reason or justification;
- Suspicious behaviour of the seller or the buyer that may indicate that the property can be used for criminal activities;
- A property selling price significantly lower than the purchase price, although the market values have not decreased significantly;
- Purchase of a property for an amount that is not consistent with the individual's occupation or income;
- An agent wishing to make an advance payment in cash of more than 10 % of the price of the property;
- An agent wishing to make an advance payment in cash amounting to more than EUR 15,000.00;
- An agent refusing or raising objections when requested to provide the notary with the number of the bank account from which the amount was or shall be debited;
- An agent refusing or raising objections to the payment of the selling price by bank transfer or check, even though the amount exceeds EUR 15,000.00.
2. Financial Action Task Force (FATF)
The Financial Action Task Force (FATF) is an intergovernmental body established in 1989 by the G-7 Summit held in Paris, with the objective to develop and promote national and international policies for combating money laundering and terrorist financing.
In April 1990, the FATF issued 40 Recommendations on the fight against money laundering, which would become the world standards of anti-money laundering measures and the basis for any assessment of the policies aimed at preventing and combating money laundering, and have been recognized by the United Nations, the Council of Europe and the European Union.
The FATF promotes international standards and the effective implementation of the legal, regulatory and operational measures necessary to fight against money laundering, terrorist financing and other threatens to the integrity of the international financial system.
The FATF (i) issues recommendations aimed at preventing and repressing those crimes (considered international standards on these matters), (ii) promotes mutual evaluations of compliance with those standards, (iii) establishes counter-measures as regards jurisdictions with material weaknesses, and (iv) identifies news risks and methodologies to fight against these criminal activities.
In February 2012, after completing the third round of mutual evaluations of its member countries, the FATF reviewed its Recommendations once again in order to reinforce obligations in higher risk situations and enable countries to reduce the intensity of these obligations in clearly low risk situations, which are available in the legislation and the relevant documentation pages of its website.
At present, the FATF members include 35 countries or territories (South Africa, Germany, Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Denmark, Spain, USA., Finland, France, Greece, Hong Kong, India, Ireland, Iceland, Italy, Japan, Luxemburg, Malaysia, Mexico, Norway, New Zeeland, Netherlands, Portugal, United Kingdom, Republic of Korea, Russia, Singapore, Sweden, Switzerland and Turkey) and two regional organisations (European Commission and Gulf Cooperation Council).
Portugal is a FAFT member since 1990.
Evaluation of the Portuguese system for preventing and combating money laundering and terrorist financing (AML/CTF)
In 2014, the FATF launched the 4th round of the AML/CTF mutual evaluations based on the Evaluation Methodology approved in 2013. The evaluation of the Portuguese AML/CTF system shall take place between 28 March and October 2017.
The Portuguese AML/CTF system has already been evaluated within the FATF in 1994, 1999 and 2006. The main findings of the 2006 evaluation are available in the report Third Mutual Evaluation Report on Anti-Money Laundering and Combating the Financing of Terrorism.
Under the procedures set out by the FATF, Portugal has updated on a bi-annual basis the information reported in the context of the third round of mutual evaluations, through the follow-up reports that have identified the main developments occurred during the reference period.
Recommendations by the Financial Action Task Force
Anti-money laundering and counter-terrorist nancing measures - Portugal - Mutual Evaluation Report, December 2017
FATF Recommendations, February 2012 http://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/FATF_Recommendations.pdf PDF
FATF Guidance - National money laundering and terrorist financing risk assessment.
Methodology 2013 - Assessing technical compliance with the FATF recommendations and the effectiveness of AML/CFT systems
Procedures - PROCEDURES FOR THE FATF FOURTH ROUND OF AML/CFT MUTUAL EVALUATIONS Assessing technical compliance with the FATF recommendations and effectiveness of the AML/CTF systems
Compliance system with national and international standards and guidance
- Every company must establish their own internal control system, taking into account the nature, size and complexity of the operations in which they take part, and looking ahead to the creation of mechanisms aimed at identifying and reporting suspicious situations.
- That system should include:
- The appointment of a "person responsible for the implementation of the compliance system";
- The development and implementation of compliance policies and procedures;
- An evaluation and documentary record of money laundering and terrorist financing risks;
- A training programme for the company's workers and employees;
- A regular review of compliance policies and procedures in order to verify how effective they are.
A risk-based approach includes the following elements:
- Risk evaluation of the company's business, by using specific indicators to identify and measure the risk;
- Risk mitigation by implementing internal controls to tackle the identified risks;
- Keeping up-to-date of customers identification data and, if applicable to the real estate sector, of the beneficial owners of a specific transaction;
- Continuous monitoring of transactions that might be considered as posing a higher risk (more relevant for financial entities than for real estate entities).
3. Coordination Commission for Preventing and Combating Money Laundering and Financing of Terrorism Policies
The Coordination Commission for Preventing and Combating Money Laundering and Financing of Terrorism Policies was established by Council of Ministers Resolution No 88/2015 of 6 October 2015 and is responsible for monitoring and coordinating the identification and assessment of and the response to the risks that Portugal is or might be exposed to pertaining to money laundering and terrorism financing thereby improving technical conformity and effectiveness of the national system for preventing and combating money laundering and terrorism financing.
The existence of an authority or a mechanism to coordinate national AML/CTF policies has become an imperative since the revision of the FATF Recommendations in 2012 and the publication of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 (Article 7).
The Coordination Commission works under the supervision of the Ministry of Finance, is chaired by a Secretary of State appointed by the Government member responsible by the finance area, and is composed of the following entities:
- Ministério das Finanças (Ministry of Finance)
- Ministério dos Negócios Estrangeiros (Ministry of Foreign Affairs)
- Ministério da Administração Interna (Ministry of Internal Affairs)
- Ministério da Justiça (Ministry of Justice)
- Ministério da Economia (Ministry of Economy)
- Ministério da Solidariedade, Emprego e Segurança Social (Ministry of Solidarity, Employment and Social Security)
- Procuradoria-Geral da Repúblicas (Prosecutor-General's Office)
- Secretário-Geral do Sistema de Segurança Interna (Secretary-General of the Internal Security System)
- Polícia Judiciária (Criminal Police)
- Guarda Nacional Republicana (National Republican Guard)
- Polícia de Segurança Pública (Public Security Police)
- Serviço de Informações de Segurança do Sistema de Informações da República Portuguesa (Security Intelligence Service of the Intelligence Service of the Portuguese Republic)
- Banco de Portugal (Bank of Portugal)
- Comissão do Mercado de Valores Mobiliários (Securities Market Commission)
- Autoridade de Supervisão de Seguros e Fundos de Pensões (Insurance and Pension Funds Supervisory Authority)
- Autoridade de Segurança Alimentar e Económica (Economic and Food Safety Authority)
- Instituto de Registos e Notariado, I. P. (Institute of Registries and Notary)
- Instituto dos Mercados Públicos, do Imobiliário e da Construção, I. P. (Institute of Public Procurement, Real Estate and Construction)
- Serviço de Regulação e Inspeção de Jogos do Turismo de Portugal, I. P. (Gambling Regulation and Inspection Service, Turism of Portugal)
- Autoridade Tributária e Aduaneira (Tax and Customs Authority)
- Ordem dos Advogados (Bar Association)
- Ordem dos Revisores Oficiais de Contas (Institute of Statutory Auditors)
- Ordem dos Contabilistas Certificados (Chartered Accountants Association)
- Ordem dos Solicitadores e dos Agentes de Execução (Solicitors and Enforcement Agents Association)
- Coordenador da delegação portuguesa ao GAFI (Coordinator of the FATF Portuguese Delegation)
IMPIC is a member of the Coordination Commission, where it is represented by its President and the Inspection Director.
In May 2016, IMPIC started to participate in the work of the Permanent Technical Secretariat and, later in the same year, in the Executive Committee of the Coordination Commission. It also started to participate in the activity of the Coordination Commission chaired by the Secretary of State of Tax Affairs early in February 2016.
National Risk Assessment
The first national risk assessment of money laundering and terrorism financing (NRA), prepared by the Working Group created by Decision No 9125/2013 of the Minister of State and Finance of 12 July 2013, was completed in June 2015.
The purpose of this NRA was to ensure Portugal's compliance with the new international anti-ML/TF standards (in particular, the FATF's Recommendations), and provide the Portuguese authorities with an essential tool to use the scarce available resources more efficiently and to enable them to apply preventive measures that are commensurate to the nature of the risks, thus optimising their efforts. Both IMPIC and the other regulatory entities from the non-financial sector identified in the NRA the sectors that presented the greatest potential risks and those that may offer the lowest risk, and, weighting the existing risks and vulnerabilities, proposed a set of measures aimed at giving an appropriate response in order to mitigate or even eliminate such risks.
An overview with the main findings of the report resulting from the analysis carried out by the abovementioned Working Group has been released.
Legal framework - Supervision and inspection powers
The Instituto dos Mercados Públicos, do Imobiliário e da Construção, I.P. (IMPIC, or Institute of Public Procurement, Real Estate and Construction), is the entity that supervises the real estate sector in order to prevent money laundering and terrorism financing (ML/TF), as provided for in the following legal texts:
- Decree-Law No 232/2015 of 13 October 2015 - Article 15: Supervision and inspection powers
When supervising and inspecting companies and entrepreneurs who carry out their activity in the construction and real estate sector, IMPIC shall:
(a) Conduct supervision and inspection actions over the entities that operate in the construction and real estate sector, verifying in particular whether they comply with their legal obligations regarding the fight against money laundering and terrorist financing;
(b) Inform immediately the Prosecutor-General's Office and the Financial Intelligence Unit of the Criminal Police, whenever in the context of the activity referred to in the previous point it knows, suspects or has enough reasons to suspect that an operation that is likely to constitute an offence of money laundering or terrorist financing is under way or has been attempted;
- Law No 25/2008 of 5 June 2008:
Confers the following powers on IMPIC:
- Supervision, monitoring and sanctioning of entities carrying out their activity in the areas of real estate brokerage, property purchasing and selling and property development (Article 38);
- Regulation of the general and specific duties imposed on entities carrying out their activity in the areas of real estate brokerage, property purchase and sale and property development - (Articles 4 and 39);
- Lays down a set of general duties (Article 6 et seq.) and specific duties (for non-financial entities - Article 31 et seq.)
In addition to ensuring compliance with those duties, IMPIC also performs supervisory and regulatory tasks within the legal framework of real estate activities relating to ML/TF, including as regards the transposition of the relevant European Directives.
Furthermore, IMPIC is represented in national and international fora related to these matters, namely the Coordination Commission for Preventing and Combating Money Laundering and Financing of Terrorism Policies and the Financial Action Task Force (FATF).
5. Obliged entities in the real estate sector
5.1. Material scope of the obliged entities
IMPIC is responsible for supervising ML/TF when it comes to entities carrying out real estate brokerage activities and property purchasing and selling, as well as to construction entities that directly sell their buildings, as provided for in Law No 25/2008 of 5 June 2008.
5.2. General duties of the obliged entities
Obliged entities are required to comply with a number of general duties (Section I of Chapter II - Article 6 et seq.):
- Duty of identification;
- Duty of care (due diligence);
- Duty of refusal;
- Duty of retention;
- Duty of examination;
- Duty of communication (reporting obligation);
- Duty of abstention;
- Duty of collaboration;
- Duty of secrecy;
- Duty of control;
- Duty of training
- Duty of identification (Article 7) - demand and check the identity of customers and their representatives;
- Duty of care (Article 9), simplified (Article 11) or reinforced (Article 12) - get information on the purpose and nature of the business relationship, customers ownership and control structure and, where appropriate, on the used funds, as well as monitor the business relationship;
- Duty of refusal (Article 13) - refusal to enter into a business relationship or to carry out any occasional transaction, when the identification elements or other information related to due diligence are not provided;
- Duty of retention (Article 14) - retain (for 7 years) the documents obtained in the context of the duties of identification and due diligence, as well as any supporting documents and operational records;
- Duty of examination (Article 15) - examine with particular care and attention any behaviour, activity or operation giving rise to a higher degree of suspicion, according to their professional experience, and retain the examination results for 5 years;
- Duty of communication (reporting obligation) (Article 16) - report to the Procurador-Geral de República or PGR (the Attorney-General) and the Financial Intelligence Unit (FIU) any information or suspicion related to the commission of such offenses;
- Duty of abstention (Article 17) - refrain from carrying out transactions which they know or suspect to be related to the commission of such offenses (which must be reported to the PGR and the FIU - Article 16);
- Duty of collaboration (Article 18) - provide any collaboration requested by the competent entities, by ensuring direct access to information and submitting the documents and records requested;
- Duty of secrecy (Article 19) - not to disclose to the customer or any third party the reports made (Article 16) and/or ongoing investigations;
- Duty of control (Article 21) - define and implement policies and procedures for internal control, risk evaluation and management, internal (preventive) audit;
- Duty of training (Article 22) - managers and employees (who perform relevant tasks for prevention purposes).
5.3. Specific duties of non-financial entities
(Section III of Chapter II - Article 31 et seq. of Law No 25/2008 of 5 June 2008)
Entities carrying out their activity as real estate brokers are obliged to report to IMPIC two types of data (Article 34):
- Reporting of the date of commencement of the activity of real estate brokerage, purchase, sale, purchase for re-sale or exchange of property, or real estate development, together with the access code for the permanent certificate; and
- Bi-annual reporting of details concerning each transaction carried out.
5.4. Regulation No 282/2011 - regarding the general and specific duties
Within the powers provided for in Law No 25/2008 of 5 June 2008, Regulation No 282/2011 of 12 Abril 2011 has been approved and published in the Portuguese Official Journal (D.R. 2.ª série N.º 88) in 6 May 2011 (in force since 9 May 2011) - regulating the general and specific duties imposed on non-financial entities that carry out activities of real estate brokerage, property purchase and sale and property development on national territory:
- General duties: regulates the duties of identification, retention and training (Articles 4 to 10 of the Regulation)
- Duty of identification (Article 4 of the Regulation) - General identification procedures:
- In what circumstances: in transactions for an amount equal to or higher than EUR 15,000.00;
- When: before the transaction is carried out or the CPCV is concluded (as appropriate).
- Identification of natural persons (Article 5 of the Regulation):
-(Name; Date and place of birth; Nationality; Type, number and period of validity of the identification document): Citizen card, Identity card, Passport, or Residence Permit;
- (Tax ID): Citizen card or Tax ID card;
- (Address): Any appropriate documentary proof (utility bills, bank documents, etc.);
- (Occupation): Professional identity card, pay slip, or a declaration by the employer.
- Identification of legal (corporate) persons (Article 6 of the Regulation):
- (Company's name; Company's objects; Main office; Identification of the members of managing bodies): Access code for the permanent certificate, or Excerpt from the Commercial Register, or an equivalent public document;
- (Tax number/NIF): Company card or tax card;
- (ID of the beneficial owner): Written declaration by the company.
- Duty of retention (Article 9 of the Regulation) - Retention procedures:
- For a period of 7 years, after collecting the documents;
- In paper or in digital form, made available to the competent authorities.
- Copies of:
- Documents collected (duties of Identification and Due Diligence);
- Reports/notifications to the PGR and the FIU (Articles 16 and 17 of Law No 25/2008 of 5 June 2008);
- Supporting documents for the transactions carried out and references of the relevant registrations.
- Duty of training (Article 10 of the Regulation) - Compulsory minimum training: 2 credits per calendar year.
- Relevant programme content: Law No 25/2008 of 5 June 2008, regulatory provisions; guidance applicable to real estate entities; transaction types and risk profiles that may indicate the commission of such offenses.
- Target group: Managers and employees performing tasks relevant to the prevention of those offences.
- Forms of training and their valuation:
- Training courses - 2 credits per 10 hours;
- Conferences, Symposiums and other similar events - 1 credit;
- Successful attendance of disciplines of postgraduate or higher education courses (equivalent to 4 credits/2 subsequent years).
- Specific duties: defines and clarifies the form and conditions required to comply with the reporting obligation provided for in Article 34 of Law No 25/2008 of 5 June 2008 (Article 11 et seq. of Regulation No 282/2011).
- Declaration of the commencement of activity: within no more than 60 days from the commencement (as indicated for tax purposes), together with the access code for the permanent certificate - Form: "Declaration of Activity";
- Details of each real estate transaction in which they take part (provided that it is the object of a public deed or an equivalent private document and is executed within the declaring entity's scope of activity) - Form: "Declaration on Real Estate Transactions carried out"
- The report must include the following elements:
- Identification of the parties involved;
- Overall amount of the transaction;
- Indication of their status as representatives;
- Means of payment;
- Identification of the property.
- Time limits for reporting the transaction details - (Article 17 et seq. of the Regulation)
- Transactions carried out in the 1st semester: until 31 August;
- Transactions carried out in the 2nd semester: until 28 February of the following year.
5.5. Requirements for executing the mandatory reporting
- How to comply with the duty of communication (reporting obligation) (Article 12 of the Regulation): Only by electronic means through the IMPIC's website: www.impic.pt ? reporting made by any other means shall not be accepted.
- Registration on the IMPIC's website for access to the restricted area;
- Use of electronic forms;
- Electronic authentication by means of a qualified digital certificate.
- Electronic authentication by means of a qualified digital certificate (Article 13 of the Regulation): The following digital certificates can be used:
- Qualified digital certificates issued on behalf of the company;
- Professional digital certificates of lawyers and solicitors (attach power of attorney);
- Citizen card:
- of the declaring entity (if a natural person);
- of the director or manager of the declaring entity;
- of any other individual person appointed for that purpose - Attach the power of attorney by using the option "attach" available at the end of the form. Only with the 1st declaration submitted in each semester (valid during the semester concerned).
- Requirements concerning the power of attorney:
- Identification of the principal and the agent (or authorised representative);
- The terms of the mandate;
- The period of validity of the mandate.
Regulation No 282/2011 of 6 May 2011 provides that electronic transmission is the only authorized means for mandatory reporting, by using the forms available on the IMPIC's website, in restricted dedicated areas. The aim is to ensure the effectiveness of the measures adopted to prevent and combat money laundering and terrorism financing, by ensuring the quality and integrity of the reported data, as well as the consequent accountability of the declaring entity.
It is assumed that such objectives can only be achieved through the authentication of the declaring entities, by means of qualified digital certificates, in addition to the registration on the IMPIC's website. Therefore, since 1 July 2010, mandatory reports are electronically authenticated by means of a qualified digital certificate, in accordance with the legal arrangements governing the electronic documents and the electronic signature approved by Decree-Law No 290-D/99 of 2 August 1999 as amended by Decree-Laws No 62/2003 of 3 April 2003, No 165/2004 of 6 July 2004, and No 116 -A/2006 of 16 July 2006.
6. Restrictive measures
The United Nations and the European Union establish restrictive measures when it comes to change actions or policies that infringe international law or human rights, or do not respect the rule of law or the democratic principles. Those sanctions, of a diplomatic or economic nature, are imposed by the UN Security Council Resolutions and the EU Regulations and can be addressed to countries, organisations or individuals.
The European Union adopts restrictive measures, either to implement the binding UN Security Council Resolutions or on its own initiative. The European Union must comply with the UN Security Council Resolutions, but can also decide to adopt more restrictive measures.
Freezing of funds and economic resources, and other financial sanctions
Among the applicable restrictive measures, the freezing of funds and economic resources and other financial sanctions should be highlighted.
The United Nations and the European Union regularly publish lists of persons and entities linked to terrorist groups, associations or organisations, whose funds, other assets or economic resources, including, including funds derived from property owned or controlled directly or indirectly by them, must be frozen.
The freezing of funds and economic resources imposed by UN Security Council Resolutions or EU Regulations is mandatory. Failure to comply with this duty is punishable under Law No 11/2002 of 16 February 2002.
In the related documents available it is possible to obtain more information on restrictive measures, including the consolidated lists of persons, groups or entities subject to financial sanctions, by consulting the websites of the United Nations, the European Union and the Portuguese Government.
- United Nations:
- European Union:
» Council Implementing Regulation (EU) 2015/513 of 26 March 2015
» Council Regulation (EC) No 2580/2001 of 27 December 2001
7. Legislation and regulatory rules
The following legal texts are the main legislative acts that, directly or indirectly, fall within the context of the combat to money laundering and terrorist financing (BCFT), but do not represent the whole acquis of legal and regulatory texts on this matter:
- EU legislation
- Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015, on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
- Council Directive (EU) 2016/2258 of 6 December 2016 on the access to anti-money-laundering information by tax authorities.
- Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds.
- National legislation:
- Resolution No 88/2015 of the Council of Ministers of 1 October 2015 (published in the Portuguese Official Journal (D.R., 1.ª Série, of 6 October 2015), creating the Coordination Commission for Preventing and Combating Money Laundering and Financing of Terrorism Policies, and Amendment Notice No 53/2015 of 23 November 2015.
- Law No 72/2015 of 20 July 2015, establishing the goals, priorities and guidelines for criminal policy for the biennium 2015-2017.
- Order No 490/2014 of 23 December 2013 (published in the Portuguese Official Journal D.R., 2.ª Série, of 10 January 2014), on the creation of a Working Group to assess the implications of the restrictive measures in the domestic legal system, identify all normative, institutional and operational instruments in force relating to those measures, harmonise those instruments and define the best practices to be followed when implementing the restrictive measures and the reporting mechanisms, and draft the necessary proposals for legislative, regulatory and operational changes.
- Order No 9125/2013 of 1 July 2013 (published in the Portuguese Official Journal D.R., 2.ª Série, of 12 July 2013), on the creation of a Working Group to draft the necessary proposals for legislative, regulatory and operational changes in order to ensure compliance with the new FATF Standards, by studying these Standards and mapping the existing legislative, institutional and operational instruments related to all the matters they cover.
- Decree Order No 150/2013 of 19 February 2013, approving the list of countries or jurisdictions considered as having systems that are equivalent to the Portuguese one as regards the ML/TF prevention requirements and their supervision.
- Law No 25/2008 of 5 June of 2008, establishing preventive and repressive measures to combat money laundering and terrorist financing.
- Decree Order No 345-A/2016 of 30 December 2016, establishing a list of countries, territories and regions with favourable taxation systems.
- Law No 52/2003 of 22 August 2003, laying down counter terrorism measures.
- Law No 11/2002 of 16 February 2002, establishing rules on the sanctions applicable in case of non-compliance with the financial or commercial sanctions imposed by a Resolution of the UN Security Council or a Regulation of the European Union.
- Law No 5/2002 of 11 January 2002, laying down a set of measures for the control of organized crime and economic/financial crime, which were reflected in the establishment of a special system for the collection of evidence, the violation of professional secrecy and loss of assets to the State in relation to unlawful acts of a specified type, including money laundering and terrorism financing.
- Criminal Code (whose article 368-A typifies money laundering).
- Decree Order No 1013/2016 of 5 January 2016 (published in the Portuguese Official Journal D.R., 2.ª Série, of 21.01.2016), appointing the Secretary of State for Tax Affairs to chair the Coordination Commission for Preventing and Combating Money Laundering and Financing of Terrorism Policies.
IMPIC's regulatory rules
- Regulation No 79/2010 of 8 February 2010, published on 5 February 2010 in the Portuguese Official Journal (D.R. n.º 25, 2ª série), in force since 8 February 2010.
- Regulation No 282/2011, published on 6 May 2011 in the Portuguese Official Journal (D.R. n.º 88, 2ª série).
8. Relevant Documents
- National Risk Assessment of ML/TF
- Summary of the National Risk Assessment of ML/TF prepared by the Working Group created by Order No 9125/2013 of the Minister of State and Finance of 1 July 2013, and approved in June 2015.
- IMPIC Presentations - Participation in events:
(in INCI(sifsp01) (L)DIPrivadoBRANQ_CAPITAISapresentações bc)
2011 - Seminars with sectorial associations (AICCOPN and APEMIP)
2011 - 1st FIU Meeting - Non-financial sector
2012 - Information sessions (APEMIP)
2013 - 2nd FIU Meeting - Non-financial sector
2014 - 2nd Annual Meeting of InCI (IMPIC)