Financial Crime World

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Financial Intelligence Unit Takes Control Over Terrorist Financing and Money Laundering

Lisbon, Portugal - The Financial Intelligence Unit (FIU) has taken a decisive step in combating terrorist financing and money laundering by tightening its grip on financial institutions.

Implementing Stringent Measures

According to reports, the FIU has implemented stringent measures to prevent and detect these criminal activities. Under Portuguese law, article 133 of the Criminal Code classifies terrorist financing as a crime, while article 313 of the Penal Code categorizes money laundering as an offense.

CGD Compliance with AML/CTF Laws

The Caixa Geral de Depósitos (CGD) has demonstrated its commitment to combating money laundering and terrorist financing by implementing policies and procedures in compliance with international operations. The bank’s internal policy requires branches and majority-owned subsidiaries in third countries to apply measures equivalent to those laid down by Portuguese law.

BNU Timor’s AML/CTF Measures

The East Timor Branch of BNU has adopted all anti-money laundering and counter-terrorism financing (AML/CTF) policies and procedures set by the Head Office. The branch has implemented:

  • Customer due diligence
  • Politically Exposed Persons (PEPs) screening
  • Anonymous account blocking
  • Record keeping
  • Monitoring of suspicious activities

Reporting of Suspicious Transactions

BNU Timor is required to report any suspicious customer activities or transactions to the Financial Intelligence Unit of East Timor Central Bank. The bank has also implemented a risk-based approach for transaction screening and provides employee training on AML/CTF detection and reporting.

Independent Audit and Compliance Review Function

CGD’s internal auditors and compliance department conduct regular audit and compliance tests of all policies and operational procedures, including those applicable to AML/CFT. The audit and compliance programs are approved by the Board of Directors.

Correspondent Banks and Shell Banks

BNU Timor has implemented risk-based due diligence procedures for correspondent banks, including:

  • Understanding their business nature
  • License to operate
  • Management quality
  • Ownership
  • Effective control

The bank does not conduct business with shell banks or provide payable-through accounts.

Wolfsberg AML Questionnaire and USA Patriot Act Certificate

BNU Timor follows the principles contained in the Wolfsberg AML Questionnaire concerning AML/CTF. The bank’s Wolfsberg AML Questionnaire is available on its website, along with the USA Patriot Act Certificate.

Conclusion

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The Financial Intelligence Unit’s efforts to combat terrorist financing and money laundering have been bolstered by the implementation of stringent measures by financial institutions such as CGD and BNU Timor. These measures demonstrate a commitment to preventing and detecting these criminal activities, ensuring the integrity of the financial system.