PORTUGAL Law and Practice Contributed by: Bárbara Marinho e Pinto, Ana Reis Mota, Lua Mota Santos and Jéssica Dinis Bento, Rogério Alves & Associados
states’ competent authorities are required to co-oper - ate with each other through and with Europol, Eurojust and the European Public Prosecutor’s Office, by shar - ing information.
Created in 2015, the Committee for the Co-Ordination of Policies to Prevent and Combat Money Laundering and the Financing of Terrorism is under the supervi - sion of the Ministry of Finance. Its main mission is to assess and propose the adoption of preventive meas - ures on fighting AML/CTF. The Directorate-General for Foreign Policy of the Min - istry of Foreign Affairs and the Office for Planning, Strategy, Evaluation and International Relations of the Ministry of Finance jointly exercise the powers of the competent national authorities in relation to restrictive measures. It is the responsibility of these authorities to: • co-ordinate the implementation of restrictive meas - ures in conjunction with other public bodies with relevant remit; • provide information and clarification to any person or entity regarding restrictive measures, by publish - ing the acts approving, amending or terminating such measures; and • draw up and regularly update a best-practice manual for the effective implementation of restric - tive measures. 2.2 Enforcement 2.2.1 Enforcement Responsibilities In Portugal, overall co‑ordination of restrictive meas - ures rests with the Directorate‑General for Foreign Policy of the Ministry of Foreign Affairs and the Office for Planning, Strategy, Evaluation and International Relations of the Ministry of Finance, which act as the national competent authorities and work with other public bodies to implement and clarify sanctions. Day‑to‑day monitoring and administrative enforce - ment is largely carried out through the AML/CTF framework by sectoral supervisors (such as Banco de Portugal , CMVM and ASF), which verify that “obliged entities” have appropriate systems and controls in place and may impose administrative sanctions where they fail to do so. Where facts suggest a breach of restrictive measures, executing entities and supervisors must report them to the Prosecutor General of the Republic, who directs
2. Overview of Regulatory Field 2.1 Primary Regulators
The authorities with regulatory, supervisory and/or enforcement powers as well as the aim to promote good practices include the following: • Bank of Portugal; • Portuguese Securities Market Commission (CMVM); • Insurance and Pension Funds Supervisory Author - ity; • General Inspectorate of Finance; • Inspectorate-General of the Ministry of Labour, Solidarity and Social Security; • Gaming Regulation and Inspection Service of Turismo de Portugal, I. P.; • Institute for Public Procurement, Real Estate and Construction, I. P. (IMPIC, I. P.); • Food and Economic Safety Authority (ASAE); and • Committee for the Co-Ordination of Policies to Prevent and Combat Money Laundering and the Financing of Terrorism. Supervision of compliance by obliged entities is pri - marily carried out through the AML/CTF framework. Banco de Portugal supervises banks, payment insti - tutions and other financial intermediaries; the CMVM (Portuguese Securities Market Commission) oversees investment firms, fund managers and capital mar - kets participants; and the ASF (Insurance and Pen - sion Funds Supervisory Authority) is responsible for insurers, reinsurers and pension fund entities. Other bodies, such as the Tax and Customs Authority and ASAE, have roles in enforcing trade and customs- related aspects of sanctions. Where breaches amount to criminal offences under national law, investigations and prosecutions are carried out by the Public Pros - ecution Service ( Ministério Público ) before the criminal courts.
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