Financial Crime World

Portugal’s Financial Intelligence Units Receive High Marks in Global Assessment

Portugal Commended for Efforts to Combat Money Laundering and Terrorist Financing

Lisbon, Portugal - The Financial Action Task Force (FATF) has commended Portugal’s financial intelligence units (FIUs) for their efforts to combat money laundering and terrorist financing. According to a recent assessment by the FATF, Portugal has made significant progress in implementing global standards on combating money laundering and the financing of terrorism.

Key Areas of Strength

  • Risk Assessment: Portugal was praised for its risk-based approach and effective assessment of potential risks.
  • National Cooperation: The country received high marks for coordinating national cooperation and sharing information with international partners.
  • Suspicious Transactions Detection: Portugal’s FIUs were commended for their work in detecting and preventing suspicious transactions.
  • Financial Sanctions Lists: Portugal was recognized for its transparency in publishing financial sanctions lists.

Areas for Improvement

  • Regulation and Supervision: The country was found to have some weaknesses in regulating and supervising certain financial institutions, particularly those with foreign branches or subsidiaries.
  • Internal Controls: Portugal’s FIUs could benefit from further strengthening their internal controls and procedures for managing information.

Conclusion

Portugal’s efforts to combat money laundering and terrorist financing have been recognized as commendable by the FATF. The country’s FIUs play a critical role in this effort, and continued improvements will be necessary to ensure that Portugal remains compliant with global standards.

About the FATF Evaluation

The FATF evaluation was conducted in 2017 as part of its ongoing mutual evaluation process, which assesses the implementation of anti-money laundering and combating terrorist financing measures by member countries. The results of the evaluation provide a comprehensive overview of Portugal’s efforts to combat these threats and identify areas for improvement.