Here is the article in Markdown format:

Corruption in Portugal’s Financial Sector Exposed as EuroBIC Payments Raise Fresh Concerns

Investigation Uncovers Suspicious Transactions Worth Almost $27 Million

Lisbon, September 23, 2020 - The latest revelations from the FinCEN Files and Luanda Leaks investigations have brought to light further evidence of anti-money laundering failures in Portugal, Transparency International Portugal warned today.

Call for Urgent Action by Bank of Portugal

The organization is calling on the Bank of Portugal to urgently disclose its conclusions and measures taken concerning suspicious payments processed by EuroBIC, a small Portuguese bank part-owned by Isabel dos Santos, who is currently under investigation for embezzlement and money laundering in Angola.

99 Suspicious Transactions Discovered

Investigative journalists have found 99 transactions worth almost $27 million that were flagged as suspicious by EuroBIC’s correspondent banks in the US. The transfers originated from EuroBIC in Portugal and ended up in accounts at the Cayman-based DMS Bank & Trust.

Importance of Transparency and Accountability

“Clarity around how EuroBIC handled these payments, and the extent to which supervisory and financial intelligence bodies have acted, is crucial not only for assessing one specific bank’s compliance with anti-money laundering obligations,” said Susana Coroado, Vice-President of Transparency International Portugal. “It will allow us to kickstart a long overdue discussion on the vulnerabilities of Portugal’s anti-money laundering system and the country’s role in cross-border corruption.”

Bank of Portugal’s Inspection Delay

The Bank of Portugal had promised to conclude its inspection into EuroBIC by March 2020, but six months later, the public still lacks information about how suspicious operations exposed by the Luanda Leaks investigations were handled.

Demands for Transparency and Accountability

Transparency International Portugal is demanding that the Bank of Portugal release the conclusions of its most recent inspection and clarify whether red-flagged transactions had also been reported as suspicious to Portuguese authorities. Dissuasive sanctions should be applied if the bank failed to report these payments.

“Portugal’s banking sector has long been criticized for its weaknesses in preventing money laundering,” said Karina Carvalho, Executive Director of Transparency International Portugal. “The revelations from the Luanda Leaks and FinCEN Files present a definitive example that, despite glaring risks, anti-money laundering is not a priority for Portugal.”

Call to Action

The organization is urging the public to join the call for greater transparency and accountability from the financial sector and regulatory bodies.

“For too long, corruption has gone unchecked in Portugal’s financial sector,” said Coroado. “It’s time for a change.”