Portugal’s Battle Against Financial Crimes: Money Laundering, Terrorism Financing, and Proliferation Weapons Mass Destruction

Subtitle: Recent Reports and Key Ministries and National Authorities Involved in FATF Work

Portugal, as a European Union (EU) nation, is making significant strides in the global fight against financial crimes, upholding international financial standards and counteracting money laundering, terrorism financing, and the financing of weapons mass destruction.

Portugal’s Dedication to Financial Crimes Counteraction

FATF Mutual Evaluation Report (MER) assessment (2019): Portugal demonstrated progress and took corrective measures in various areas.
Financial Intelligence Unit (SIAE): Collects, analyzes, and disseminates crucial financial intelligence information.
Securities Market Commission (CMVM): Supervises financial entities and monitors their adherence to securities legislation.
Central Bank of Portugal and Ministry of Finance’s Directorate-General for Tax Administration: Enforce AML/CTF framework.

Challenges Portugal Faces

Drug Trafficking: Portugal is a significant entry point in Europe for illicit drugs, and a hub for money laundering associated with these drugs. [Source: Europol]
Terrorism Financing: Portugal has experienced instances of such activity, including cases related to returning foreign terrorist fighters and individuals suspected of financing terrorism. [Source: EU Terrorism Situation and Trend Report (TE-SAT)]

Portuguese Legislative Response

Law no. 39/2018: Strengthens Portugal’s AML/CTF framework with measures for tax information exchange and transparency in real estate transactions.
Law no. 46/2018: Combats money laundering and financial crimes related to gambling activities, and regulates online gambling.

Portugal’s Active FATF Participation

Ministry of Justice: Oversees Portugal’s cooperation with international organizations like FATF and the Moneyval Committee of Experts.