Financial Action Task Force
Money laundering and terrorist financing are an increasing concern to the international community. This phenomenon has spread across borders and threatens economic stability worldwide.
In response, in 1989 an inter-governmental body was created, whose purpose is the development and promotion of national and international policies to prevent and combat money laundering and terrorist financing: the Financial Action Task Force (FATF). (1)
The key action of FATF consists in the issue of International Recommendations which are considered international standards in these matters, in the mutual evaluation of the degree of observance of these standards by the respective members and in the identification of new risks and methodologies for combating these criminal activities.
In this context, in 1990 FATF issued recommendations on the measures required to effectively fight money laundering (the so-called "40 Recommendations"), which have already been subject to three revisions (the last one in 2012).
In 2001 there was an expansion of FATF’s mandate, following the terrorist attacks of 11 September. In October 2001 Special Recommendations were issued on terrorist financing, subsequently developed – namely through the elaboration of Interpretative Notes – and revised in 2004.
Portugal is a member of FATF since 1990 and its preventive and repressive money laundering system has been evaluated in three ocasions: 1994, 1999 and 2006.
The main findings of this assessment gave rise to the following documents, endorsed in the FATF Plenary meeting held in October 2006: Third Mutual Evaluation Report on Anti-Money Laundering and Combating the Financing of Terrorism, respective annexes and Summary (see associated documents).
In accordance with the procedures defined by FATF, Portugal two years after this evaluation, updated the reported information. This update highlights the legislative changes introduced since October 2006 and announces the measures adopted in response to the main comments of the evaluation report (see associated documents).
(1) The FATF membership is currently made up of 34 countries and territories (Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, Greece, Hong Kong (China), Iceland, India, Ireland, Italy, Japan, the Kingdom of the Netherlands, Luxembourg, Mexico, New Zealand, Norway, Portugal, Republic of Korea, Russian Federation, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, United Kingdom and United States) and two international bodies (European Commission and Gulf Co-operation Council).