Portugal’s Anti-Money Laundering and Combating Financing of Terrorism Efforts Receive Strong Review

A recent evaluation by the Financial Action Task Force (FATF) has found that Portugal’s efforts to combat money laundering and financing of terrorism are largely compliant with international standards.

Key Findings

• Portugal’s strong performance in assessing risk and applying a risk-based approach, national cooperation and coordination, and confiscation and provisional measures related to money laundering and terrorist financing.
• High marks for financial institution secrecy laws, customer due diligence requirements, and record-keeping practices.
• Partial compliance in areas such as correspondent banking, wire transfers, and the reliance on third parties.
• Non-compliance in several key areas, including:
  • Financial intelligence units
  • Law enforcement and investigative authorities’ powers
  • International instruments

Progress Made

• Portugal has made significant progress in implementing its anti-money laundering and combating financing of terrorism regulations.
• Many recommendations have been fully or largely implemented.

Conclusion

Portugal’s strong performance is a testament to the country’s commitment to combating money laundering and financing of terrorism. The report’s findings will be used by Portuguese authorities to identify areas for improvement and ensure continued compliance with international standards.

Overall, Portugal’s anti-money laundering and combating financing of terrorism efforts have been deemed largely compliant with FATF recommendations, reflecting the country’s strong regulatory framework and effective implementation of its laws and regulations.