Proposal for a Regulation on Duties to Prevent and Combat Money Laundering and Terrorist Financing29 April, 2022
Notice no. 5816/2022 of the Economic and Food Safety Authority (ASAE) was published, which discloses the proposal for the Regulation of general and specific duties to prevent and combat money laundering and the financing of terrorism, which is still under public consultation, and will repeal ASAE Regulation no. 314/2018 of 25 May.
The aforementioned Regulation proposal intends to adapt the Regulation to the new wording given to Law no. 83/2017 of 18 August, which establishes measures to combat money laundering and the terrorist financing.
The Regulation will for example:
- Clarify the scope of application;
- Specify the concept of trader;
- Seek to clarify and develop the definition of high unit value goods;
- Establish new obligations, such as the elaboration of a Money Laundering Prevention Manual and the establishment of an Internal Procedures Policy on Money Laundering;
- Provide for the obligation of required entities to have specific information systems;
- Impose the obligation on entities to designate a Regulatory Compliance Officer;
- Amend obligations under Know Your Customer procedures.