There are currently two draft laws under final stages of discussion in the Portuguese Parliament and are expected to be approved in the near future:
1. Draft Law 72/XIII laying down measures to combat money laundering and financing of terrorism, transposing Directive 2015/849 and implementing Regulation (EU) No 2015/847 (https://www.parlamento.pt/ActividadeParlamentar/Paginas/DetalheIniciativa.aspx?BID=41257).
The current law draft extends the scope of the anti-money laundering and terrorist financing scheme, for example by reducing the threshold for non-financial entities dealing in cash to EUR 10 000 or encompassing foreign payment and electronic currency institutions acting through agents or distributors, as well as the managing entities of collaborative financing platforms.
It refers to the creation of a Central Registry of Effective Beneficiaries, which will be the subject of specific legislation (see below), allowing the provision of information on the actual beneficiaries, in addition to basic information such as the company name and address, proof of incorporation and ownership structure of the collective entity.
It states that obliged entities should always consult the register before establishing a business relationship or carry out an operation and compare the information contained in the register with the information provided by the client, including the trusts, as well as conducting periodic inquiries.
In addition, particular importance is attached to the exchange of information between authorities and, in particular, the Financial Investigation Unit, setting out detailed rules on national and international cooperation.
Finally, among other things, it reinforces the rules for protection of employees that report suspected money laundering schemes, in order to protect the disclosure of the identity of those employees.
2. Draft Law No. 71/XIII which will approve the legal regime for the Central Register of Beneficial Owner and transpose Chapter III of Directive (EU) No 2015/849 (https://www.parlamento.pt/ActividadeParlamentar/Paginas/DetalheIniciativa.aspx?BID=41256), creating a database for the preservation of sufficient, accurate and up-to-date information on the beneficial owners of legal entities and trust funds, as well on the legal arrangements similar to trusts.
