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Legislation and rules
Below are the main regulatory acts that directly or indirectly fall within the framework of the fight against money laundering and terrorist financing (ML/TF), which are only part of the legal and regulatory acquis on this issue.
- Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
- Directive (EU) 2016/2258 of the European Parliament and of the Council of 06 of Deember 2016 regarding access to anti-money-laundering information by tax authorities.
- Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds.
- Law No 97/2017 of 23 August 2017 - Regulates the implementation and enforcement of restrictive measures adopted by the United Nations or the European Union and establishes the penalties applicable to infringements of these measures (in Portugues only).
- Law No 92/2017 of 22 August 2017 - Requires the use of a specific means of payment in transactions involving amounts equal to or greater than EUR 3000 (in Portuguese only).
- Law No 89/2017 of 21 August 2017 - Approves the Legal Regime of the Central Register of Beneficial Ownership, provided for in article 34 of Law no. 83/2017, of August 18 (in Portuguese only).
- Law No 83/2017 of 18 August 2017 - Establishes measures to combat money laundering and terrorism financing, partially transposing the Directives 2015/849/EU of the European Parliament and of the Council of May 20, 2015, and 2016/2258/EU of the Council of 6 of December 2016, amends the Criminal Code and the Industrial Property Code and repeals Law no. 25/2008, of June 5 (in Portuguese only).
- Resolution of the Council of Ministers No 88/2015 of 1 October 2015 (published in the Official Gazette, Series 1, of 6 October 2015) – Establishes the AML/CFT Coordination Committee (in Portuguese only).
- Law No 72/2015 of 20 July 2015 – Defines criminal policy objectives, priorities and guidelines for 2015-17 (in Portuguese only).
- Decision No 490/2014 of 23 December 2013 (published in the Official Gazette, Series 2, of 10 January 2014) – Provides for the setting-up of a Working Group targeted at assessing the implications of the restrictive measures on the Portuguese legal order, identifying all regulatory, institutional and operational instruments in force relating to said measures, harmonising those instruments and defining the best practices to be followed when implementing the restrictive measures and in communication mechanisms, and preparing the necessary draft legal, regulatory and operational amendments (in Portuguese only).
- Decision No 9125/2013 of 1 July 2013 (published in the Official Gazette, Series 2, of 12 July 2013) Provides for the setting-up of a Working Group targeted at – by studying the new FATF Standards and identifying the regulatory, institutional and operational instruments in force relating to all issues covered by said Standards – preparing the draft legal, regulatory and operational amendments needed to ensure compliance with the Standards (in Portuguese only).
- Decree-Law No 317/2009 of 30 October 2009 (as introduced by Decree-Law No 242/2012 of 7 November) – Approves the Legal Framework of Payment Systems and Electronic Money [in particular the provisions of Articles 10-2(g) (authorisation and general setting-up requirements), 11-1(g) (examination of the request for setting-up authorisation), 16-3 (withdrawal of authorisation), 18º-2(b) (internal control mechanisms used by agents), 25 (refusal of cancellation of registration), 26-2 (activity in Portugal of institutions with head office in other Member States), and 35-7 (supervisory powers of Banco de Portugal)] (in Portuguese only).
- Decree-Law No 61/2007 of 14 March 2007 – Approves the legal system governing the control of cash carried by natural persons entering or leaving the EU through the Portuguese territory, and the control of cash movements with other EU Member States (in Portuguese only).
- Executive Order No 345-A/2016 of 30 December 2016 – Establishes the list of countries, territories and regions with privileged taxation systems (in Portuguese only).
- Law No 52/2003 of 22 August 2003 – Sets forth measures to combat terrorismo (in Portuguese only).
- Law No 5/2002 of 11 January 2002 – Lays down measures to combat organised crime and economic and financial crime and provides for a special system for the collection of evidence, the violation of professional secrecy and loss of assets to the State in relation to unlawful acts of a specified type, such as money laundering and terrorist financing (in Portuguese only).
- Decree-Law No 298/92 of 31 December 1992 – Approves the Legal Framework of Credit Institutions and Financial Companies [in particular the provisions of Articles 22-1(k) (withdrawal of authorisation), 103-2(e) (acquisition of qualifying holdings), 118‐A (duty to refrain from carrying out operations and registration of operations with offshore jurisdictions), 165-1(b) and (c) (deposits excluded from the guarantee) and 167-5 (deposit repayment procedures)] (in Portuguese only).
- Portuguese Penal Code (whose Article 368-A typifies the laundering crime) (in Portuguese only).
Banco de Portugal’s regulatory standards
- Intruction of Banco de Portugal No 9/2017 of 3 July 2017 - Identifies and establishes the applicable requirements for the prupose of corroborating the elements of identification foreseen in indent c) of paragraph number 5, of article 18 of Banco de Portugal Notice n.º 5/2013 of 18 december, as regards remote bank account opening (in Portuguese only).
- Notice of Banco de Portugal No 8/2016 of 30 September 2016 - Establishes the duties of registration and communication to the Bank of Portugal of payment operations, corresponding to payment services, whose beneficial owner is a natural or legal person having its head office in an offshore jurisdiction (in Portuguese only).
- Notice of Banco de Portugal No 5/2013 of 18 December 2013 – Sets out the conditions, mechanisms and procedures needed for effective compliance with AML/CTF obligations (in Portuguese only).
- Notice of Banco de Portugal No 9/2012 of 17 May 2012 – Approves the Report on Anti -Money Laundering and Combating the Financing of Terrorism, which must be filled in and sent to Banco de Portugal through BPnet on an annual basis (in Portuguese only).
- Instruction of Banco de Portugal No 46/2012 of 17 December 2012 – Approves the Self-Assessment Questionnaire in the field of AML/CTF, which must be filled in and sent to Banco de Portugal through BPnet on an annual basis (in Portuguese only).
- Notice of Banco de Portugal No 7/2009 of 16 September 2009 – Prohibits credit granting to entities having their head office in an offshore jurisdiction considered as non-cooperative or whose ultimate beneficiary is unknown (in Portuguese only).
- Notice of Banco de Portugal No 5/2008 of 18 December 2008 – Defines the principles and minimum requirements that should be observed by the financial institutions’ internal control system (in Portuguese only).