Portugal

Member since 1991

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.

In 2017, the FATF completed an assessment  of Portugal’s anti-money laundering and counter-terrorist financing system.  The assessment concluded that 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. 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.

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

11 Dec 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.
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Ratings

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Portugal Mutual Evaluation 2017

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
C
R.7 - Targeted financial sanctions related to proliferation
C
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
LC
R.10 - Customer due diligence
LC
R.11 - Record keeping
C
R.12 - Politically exposed persons
LC
R.13 - Correspondent banking
PC
R.14 - Money or value transfer services
C
R.15 - New technologies
LC
R.16 - Wire transfers
PC
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
LC
R.20 - Reporting of suspicious transactions
LC
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
PC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
PC
R.25 - Transparency and beneficial ownership of legal arrangements
PC
R.26 - Regulation and supervision of financial institutions
LC
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
LC
R.29 - Financial intelligence units
LC
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
C
R.32 - Cash couriers
LC
R.33 - Statistics
LC
R.34 - Guidance and feedback
LC
R.35- Sanctions
LC
R.36 - International instruments
C
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
C
R.39 - Extradition
C
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Portugal Mutual Evaluation 2017

IO1
SE
IO2
SE
IO3
ME
IO4
ME
IO5
ME
IO6
ME
IO7
SE
IO8
ME
IO9
SE
IO10
SE
IO11
SE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness

Other related content 

Head of delegation

Lead Ministry/Authority in the FATF Delegation

Central Bank 

Head of delegation

Others Ministries/Authorities

Financial Intelligence Unit [Unidade de Informação Financeira]

Criminal Police 

Ministry of Justice 

Ministry of Finance 

Observateur auprès de

In 2015, the FATF and APG assessed the effectiveness of Australia's measures to combat money laundering and their compliance with FATF Recommendation.  The report concluded that Australia has a mature regime for combating money laundering and terrorist financing, but that certain key areas remain unadddressed. 

The Mutual Evaluation Report of Australia, recognised that Australia has a good understanding of its money laundering risks, coordinates domestically to address these risks, and has highly effective mechanisms for international cooperation. However, the authorities focus more on the disruption of predicate crimes, rather than on the laundering of the proceeds of these crimes and their confiscation. Therefore, while the report recognises that Australia develops good quality financial intelligence which it shares with law enforcement bodies and other authorities, the report concludes that this information should lead to more ML/TF investigations. 

“Australia has made sound progress in implementing the FATF international standards for combating money laundering and terrorism financing since its last evaluation in 2005. While the FATF recognises the positive improvements made by the Australian government, we seek to encourage further actions in a number of areas highlighted in this report", said FATF Vice President, Je-Yoon Shin.

Following this mutual evaluation, Australia is in an enhanced follow-up process and must report back regularly about the progress it has made in addressing the techical compliance deficiencies and may rerate the country to reflect this progress.   However, this follow-up process does not focus on effectiveness. The effectiveness of Australia's actions to combat money laundering and terrorist financing will be assessed in the 5th round of mutual evaluations.