By Hugo Ribeiro, Certified Accountant · Member of the Order of Certified Accountants · HVR Business Consulting
Introduction Money laundering is a crime aimed at disguising the illicit origins of funds, making them appear legitimate. In Portugal, companies are required to adopt stringent measures to prevent and combat this crime. Legal Framework The regime for combating money laundering in Portugal is governed by Law No. 83/2017, of August 18. This legislation establishes measures for the prevention and combat of money laundering and terrorist financing. Main Obligations Identification and Due Diligence: Companies must identify and verify the identity of their clients, including the beneficial owner, ac…
Continuously monitor transactions for suspicious activities.
Establish effective internal controls and staff training.
Report suspicions to the Financial Intelligence Unit (FIU).
FAQ
What legislation governs anti-money laundering in Portugal?
Anti-money laundering in Portugal is primarily governed by Law No. 83/2017, of August 18, which establishes measures for the prevention and combat of money laundering and terrorist financing, a crucial topic for accounting and tax.
How should Portuguese companies perform client due diligence?
Companies must identify and verify the identity of their clients, including the beneficial owner, according to Article 23 of Law No. 83/2017. This is a central obligation of anti-money laundering measures.
What to do if a transaction appears suspicious?
If there is suspicion of illicit activity, companies must immediately report to the Financial Intelligence Unit (FIU), as per Article 43 of Law No. 83/2017. Ongoing transaction monitoring is essential.
What common mistakes should be avoided in AML prevention?
Avoid inadequate client identity verification, negligence in transaction monitoring, and lack of employee training on anti-money laundering practices. Internal control is vital.