FATF: Portugal’s measures to combat money laundering and the financing of terrorism and proliferation

324

December 11 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.