Press release of Banco de Portugal: Public consultation on the registration and reporting of transfers to offshores (Public consultation No 1/2015)
Banco de Portugal launches for public consultation, until 6 May, a draft Notice implementing the recent amendments to the Legal Framework of Credit Institutions and Financial Companies (Decree-Law No 157/2014 of 24 October).
The draft Notice establishes that the entities subject to supervision by Banco de Portugal on a consolidated basis, irrespective of their institutional type, shall register with and report to Banco de Portugal any payment transactions having as beneficiaries natural or legal persons based in offshores.
Among other relevant aspects, the draft Notice contains provisions on:
- The transactions to be registered with and reported to Banco de Portugal, as well as the terms and frequency of that reporting;
- The relationships between the beneficiaries and the offshores determining the register and reporting of the transactions;
- Those responsible for compliance with the registration and reporting requirements;
- Information to be collected on the transactions covered;
- Other procedures regarding control, circulation of information and filing, as required for the efficient implementation of the above Notice.
Contributions to this public consultation shall be sent to Banco de Portugal by e-mail to email@example.com,by 6 May 2015.
Lisbon, 6 April 2015