PORTUGAL Law and Practice Contributed by: João Valadas Coriel, Sofia Quental, António Vieira and Inês Grácio, Valadas Coriel & Associados
the identification of the ultimate beneficial owner(s), settlor(s), trustee(s) and any controlling persons, in line with Portuguese AML requirements. The absence of domestic trust recognition increases the relevance of substance and control analysis. In practice, transactions involving artworks held through trusts require careful assessment of owner - ship, powers of disposition, tax qualification and ben - eficial ownership disclosure.
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