Portugal does not comply with directives on beneficial owners of transactions | Transparency
Portugal does not comply with the European guidelines on the beneficial owners of transactions, a condition to guarantee effectiveness in the fight against corruption, fraud and tax evasion. This complaint is from Transparency International (TI), in which Transparency and Integrity participated.
“Our country does not comply with European guidelines, joining the group of European Union Member States that, in one way or another, limit access to this information”, says the organization, arguing that there is no transparency about the beneficial owners in Portugal.
“We are still a long way from a satisfactory fulfillment of the obligations to identify beneficial owners”, she emphasizes. “Market operators and supervisory entities in risk sectors, such as lawyers, real estate and the sale of luxury goods, continue to resist complying with the law, including reporting to the authorities in case of suspicion and non-prosecution of the business”, he lists .
“Only after the scandal of the Luanda Leaks is that the Bar Association adopts internal regulations on this matter”, he exemplifies, with a caveat: “But it is still premature to consider its practical effects. ”
According to Transparency and Integrity, in Portugal access is only granted to the registration of data identified through the citizen’s card or digital mobile key, or holders of a digital certificate proving that the user is a lawyer, solicitor or notary. In addition, it requires that a legitimate interest or the form of consulting information about the beneficial owners of a given entity be declared first.
“This limitation makes it impossible for any citizen of another country not resident in Portugal to search the Portuguese database, which means that the national centralized registry does not comply with the requirements of the 5th Anti-Money Laundering Directive and, consequently, , ignore its preventive and repressive mission of this type of crimes”, he sums up.
“The involvement of citizens and civil society associations, including the media, in the inspection of beneficial owners is essential to detect false or incomplete verifications and to fill in the verification gaps that occur, thus supporting the joint effort to combat money laundering and fight against money laundering. terrorism”, he concludes.