Money laundering and financing of terrorism

CMVM Centre for Preventing and Combating Money Laundering and Financing of Terrorism

CMVM incepted a 'Centre for Preventing and Combating Money Laundering and Financing of Terrorism (MLFT)' which ensures the coordination of the CMVM activity regarding issues linked to money laundering and financing of terrorism.  The Centre has several representatives of different CMVM Departments.  Said are responsible for analyzing transactions and investigation, regulatory policy, supervision, handling of information requests, complaints, claims and the press.

In the beginning of its activity, the Centre carried out an internal assessment survey as to measures required in order to upgrade the CMVM's efficiency as regard preventing and combating MLFT, namely, human resources training, normative or regulatory compliance and the supervision of financial intermediaries based on risk assessment (effectiveness) in line with the best international practices on said issue. Highlighted are the recommendation and methodologies of the Financial Action Task Force (FATF) and the recent EU guidelines approved by EU Regulation 847/2015 of 20 May and EU Directive 849/2015 of 20 May 2015.

To this end, the results of the first national risk assessment on MLFT were taken into account (NRA) which was concluded in June 2015 and was carried out by the Working Group incepted by Ministerial Order No. 9125/2013 of 12 July by the Minister for State and Finances. Said NRA aims to bring Portugal in line with the new international standards for combating money laundering and terrorism financing (particularly FATF recommendations) and to provide its authorities with an essential tool to use  effectively, the scarce available resources and to be able to apply preventive measures proportional to the nature of the risks, thereby optimizing its endeavors. 

Relying on the broad participation of the CMVM, other regulatory entities and other activity sectors, the NRA identified the sectors that presented very high risk potential and those with a lower risk level and taking into account the risks and vulnerabilities, proposed a set of measures to be taken in order to adequately offset or even eliminate any such risks.