BoP anti-money laundering project

The Bank of Portugal has put a project on preventing capital laundering and financing terrorism up for public consultation.

The aim of the project is to “condense the applicable regulations on preventing capital laundering and the financing of terrorism into one single statute”, reports the news agency Lusa.
The project will be open to public consultation until 10 March according to a notice posted on the Bank of Portugal’s site, which outlines other objectives which are in line with an approach based on risk, greater simplicity, clarity and flexibility in regulations, without, however, altering the substance and stability of existing regulations, aware of the expected approval in the medium term of a new European legal framework on the matter”.