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Combating Money Laundering and Terrorism
Nov 23, 2020
The European Union has tightened the rules for combating money laundering and terrorism, therefore, the Portuguese Law no. 58/2020, of 31st August 2020 has entered into force on 1st September 2020. This law transposes Directive (EU) 2018/843 of the European Parliament and of the Council of 30th May 2018 amending Directive (EU) 2015/849 and Directive (EU) 2018/1673 of the European Parliament and of the Council of 23rd October 2018, amending several laws.
Among many policies, this increased set of rules now provides the legal system guidance about the use of cryptocurrencies and specially, the increased number of entities that are now required to report and communicate to the authorities a large number of clients’ personal information and documentation in case any suspicious activity occurs.
These entities, law firms and real estate agencies included, need to comply with customer due diligence and “Know Your Customer” duties when providing a large number of services. These obligations imply collecting a considerable amount of information and documentation from their clients prior to the provision of that service and are required to store that data for a period of 7 years.
Diogo Pedro | Lawyer
It is known to the general public that the Portuguese Immigration Office (AIMA) has not been able to timely approve residency authorisation requests within the legal timeframe defined to do so, thus resulting in residency applicants having their applications on hold for months, in some cases even years. One way to tackle this inaction from the Immigration Office is to file a legal action, namely the Subpoena for rights, freedoms and guarantees of the citizens.
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