Portugal's measures to combat money laundering and the financing of terrorism and proliferation

Mutual Evaluation of Portugal, 2017

Download pdf ( 2,364kb)

Paris, 11 December 2017 – Portugal has a sound and effective regime for fighting money laundering and terrorist financing, but should improve implementation of measures aimed at non-financial business and professions.

The FATF conducted an assessment  of Portugal’s anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations. This assessment reviews both the level of effectiveness of Portugal’s AML/CFT regime, as well as its level of technical compliance with the FATF Recommendations.

Portuguese authorities have a good level of understanding of the money laundering and terrorist financing risks they face as do financial sector entities. This is not always the case for non-financial businesses and professions and their supervisors. Portugal should also further explore risks associated with legal persons and arrangements and the non-profit sector, and take appropriate mitigation measures.

Operational authorities involved in money laundering and terrorist financing investigations have access to a wide range of financial intelligence, including comprehensive national databases, and cooperate proactively and collaboratively with foreign counterparts for investigative purposes. Portugal has prioritised asset freezing actions to make crime unprofitable for criminals. However, Portugal should allocate appropriate means and resources to the financial intelligence unit so that it can adequately manage and investigate the increasing volume of suspicious transaction reports, and conduct strategic analysis to identify ML/TF trends and patterns.

Portugal should also maintain adequate and comprehensive ML/TF-related statistics in order to better support and document its understanding and analysis of risks, and demonstrate the actions taken and results achieved.

Portugal has sound laws and regulations to fight money laundering and terrorist financing, but it must continue to fully address all risks identified, with greater focus on higher-risk sectors.

The FATF adopted this report at its November 2017 Plenary meeting.

 

Download the report: 

Mutual Evaluation of Portugal

Mutual Evaluation of Portugal, 2017 - Executive Summary

Earlier reports on Portugal's measures to combat money laundering and terrorist financing

 

More information: 

FATF Recommendations

Methodology for assessing technical compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems

Consolidate assessment ratingsan overview of ratings that assessed countries obtained for effectiveness and technical compliance.

Key findings, ratings and priority actions: