News Draft Notice on the Prevention of Money Laundering and the Financing of Terrorism 28/01/2022

Today, Banco de Portugal made available a draft Notice on the prevention of money laundering and terrorist financing to public consultation, with which it intends to revoke Notice 2/2018, of 26 September and Instruction 2/2021, of February 26th. The public consultation will run until March 10, 2022.

The main objectives pursued are:

To condense the applicable substantive rules into a single regulatory diploma, through the incorporation of the regime that today results from Banco de Portugal’s Instruction 2/2021, of 26 February;
To make the regime compatible with the provisions of Banco de Portugal Notice 3/2020, of 15 July;
To give clarity and flexibility to normative forecasts, without, however, disturbing the substance and stability of regulatory solutions, given the expected approval, in the medium term, of a new European legal framework on the matter.

You can consult the text of the draft notice here, or click on the link to the respective Banco de Portugal’s page.