Financial Crime World

Title: Portugal Tightens the Net on Financial Crime: An In-depth Look at the Latest Legislation

Subtitle: White-Collar Crime 2023 - Portugal

Portugal, a country known for its beautiful climate and renowned wines, is taking significant strides in the fight against financial crime. Amidst a global trend towards increased regulation and transparency, the latest round of legislation in Portugal is poised to make a meaningful impact.

Portugal’s newest regulations aim to enhance the existing legal framework and provide law enforcement agencies with advanced tools to combat white-collar crime. The changes cover various aspects, including money laundering, bribery, fraud, and insider trading.

Primary Legislation Against Financial Crimes

Portuguese law provides a clear framework for addressing white-collar crimes. Portugal’s primary legislation against financial crimes is the Portuguese Penal Code (Decree-Law no. 563/81 of September 21, 1981). The Code includes provisions on money laundering, fraud, forgery, embezzlement, and bribery, among others.

Robust Approach to White-Collar Crime

Experts describe Portugal’s approach to white-collar crime as “quite robust.” The country emphasizes cooperation between institutions and technology and intelligence-led policing. Portugal is also a signatory to several international treaties and conventions related to financial crime, including the UN Convention against Transnational Organized Crime and its Protocols on Money Laundering, and the Council of Europe’s Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime.

Portugal’s efforts to tackle white-collar crime include a focus on technology and cross-agency cooperation. Portugal’s authorities have made significant investments in technology to facilitate intelligence gathering and enhance their ability to detect and prevent financial crimes. Additionally, there has been a growing trend towards increased international cooperation and information sharing between law enforcement agencies.

Technology and Intelligence-led Policing

Portugal’s authorities have been investing in technology to improve their ability to gather intelligence and detect financial crimes. This focus on technology has enhanced Portugal’s efforts to combat white-collar crime.

Cross-agency Cooperation and Information Sharing

Portugal has been actively participating in international initiatives like the Joint Money Laundering Intelligence Taskforce (JMLIT) to improve information exchange and coordination between European countries. Portugal’s authorities have signed several bilateral agreements with neighboring and other European countries to facilitate cross-border investigations and cooperation on financial crime cases.

Conclusion

Portugal’s ongoing commitment to combating financial crime is evident in its robust legal framework and recent legislative developments. Portugal’s strong focus on technology, international cooperation, and a regulatory environment makes it a leader in the ongoing global efforts to crack down on white-collar crime. Stay tuned for more updates on this ever-evolving landscape as we continue our exploration of white-collar crime in Portugal.