Portugal’s Anti-Money Laundering Landscape: A Closer Look

Understanding Compliance and Financial Crime Challenges in Portugal

A new report provides insights into Portugal’s legal framework, key regulatory authorities, and current challenges in its Anti-Money Laundering (AML) landscape.

Portugal’s Legal Framework for AML

Portugal, an EU member, has established comprehensive AML legislation. The country’s framework includes:

1. The Prevention of Money Laundering and Terrorist Financing Act
2. Various regulations for implementing AML measures

Regulatory Authorities in Portugal

Key authorities responsible for enforcing AML regulations in Portugal are:

• Bank of Portugal
• Securities Market Commission
• Other relevant institutions

Challenges in full Compliance with International AML Standards

Despite having a legal framework, Portugal faces challenges in adhering to international AML standards:

1. Lack of coordination between authorities
2. Insufficient investment in technology
3. Adapting to the changing financing landscape

Areas for Improvement from FATF

The Financial Action Task Force (FATF) has identified improvements for Portugal’s AML/CFT framework:

1. Enhancement of regulatory oversight through technology
2. Strengthening coordination between authorities

Recent Developments Adding Complexity

Recent developments requiring continuous adjustments to Portugal’s AML framework include:

• Growing importance of digital currencies
• Increasing complexity of financial services and products

Stay tuned for the next installment to explore the role of Portugal’s key regulatory authorities in enforcing AML regulations and combating financial crimes.