Money laundering and terrorist funding

  • Portugal
  • 10/11/2017
  • Abreu Advogados

Among the most significant, the term “beneficial owner” defined as “the natural person or people who, ultimately, hold the ownership or control of the client and/or natural person or people on whose behalf an operation or activity is carried out in accordance with the criteria set out in Article 30, which points to one of the following hypotheses: “a) The natural person or people who ultimately own or control, directly or indirectly, a sufficient percentage of shares or voting rights or a participation in the capital of a legal person; [the reference to bearer shares disappears]; (b) the natural person or people exercising control by other means over that legal person; (c) the natural person or people holding the “top management” if, after all possible means have been exhausted and provided there is no reason to suspect: (i) No person has been identified in accordance with the preceding paragraphs; or (ii) there is any doubt that the identified person or people are the beneficial
owners.”

It should be noted that the entities covered have the duty to periodically consult the information contained in the central registry of the beneficial owner and communicate any divergence to the Registry and Notary Institute.

The concept of “politically exposed person” is broadened to include close family members and people recognized as closely associated.

Also relevant is the greater specification of what a “shell bank” is, enlightening the legislator that the “mere presence of a local agent or subordinate employees is not considered physical presence”, thus also increasing the cases of control measures.

https://www.abreuadvogados.com/xms/files/02_O_Que_Fazemos/Publicacoes/Artigos_e_Publicacoes/Money_laundering_and_terrorist_funding_essential_lines_of_a_muscular_state_intervention.pdf