Legal and Regulatory Compliance

Compliance Program

Decree-Law No. 109-E/2021, of December 9, which is part of the context of operationalizing the National Anti-Corruption Strategy 2020-2024 (Resolution of the Council of Ministers No. 37/2021, of April 6), created the National Anti-Corruption Mechanism (MENAC) and established the General Regime for the Prevention of Corruption (RGPC). 
 

IGCP has a Compliance Program (PCN), the person responsible for its implementation and control is the Coordinator of the Compliance Function. The PCN includes, namely: 

• plan for preventing risks of corruption and related offences (PPR) 
• reports identifying the risks of corruption and related offences
• the code of conduct 
   
•  Administrative Transparency
  • Article 10 of Law No 26/2016, 
  • Article 12 of Decree-Law No 109-E/2021 and
  • Article 44 of Decree-Law No 133/2013. 
     

IGCP also has a channel for reporting irregularities and offenses.

Money Laundering Terrorism Financing and Restrictive Measures

IGCP is an entity obliged to the duties of Law No. 83/2017, of August 18 (Prevention of Money Laundering and Terrorism Financing - BCFT), also having to ensure the application and enforcement of restrictive measures approved by the UN and EU, under Law No. 97/2017, of August 23.

 
Regarding BCFT, IGCP, E.P.E. is subject to the supervision of the General Inspectorate of Finance (Sectoral Authority).

More about the Law nº 83/2017, August 18th 

In the current wording, Law no. 83/2017 of August 18, establishes measures to combat money laundering and the financing of terrorism.

As an obliged entity, IGCP adopts measures to ensure compliance with the preventive duties in relation to the financial services it makes available to the public, that is, to the Savings Products (Art. 3).
 

What is money laundering and the financing of terrorism?

Money laundering is the process by which the perpetrators of criminal activities conceal the origin of the goods and income resulting from illegal activities into reusable capital under the law, giving them an appearance of legality.
 

The financing of terrorism consists of providing, collecting, or holding (directly or indirectly) funds or assets of any kind, as well as products or rights that can be converted into funds. These funds are intended to be used or are known to potentially be used (total or partially) in the planning, preparation, or commission of crimes such as, for example, against the life, physical integrity, or freedom of individuals.

More about the Law nº 97/2017, de August 23rd

Regulates the application and execution of restrictive measures approved by the Security Council of the United Nations (UNSC) or by the European Union (EU) and establishes the sanctioning regime applicable to violations of these measures.
 

IGCP (as the state bank and provider of financial services to the bodies of the Direct and Indirect Administration of the State and Public Business Entities) carries out the verification of payments, ensuring that they are not made to individuals/entities listed in the UNSC/EU lists.
 

What are Restrictive Measures? 

The restrictive measures established by the UNSC and the EU aim to alter actions or policies that violate International Law or Human Rights, or that do not respect the rule of law or democratic principles.

The EU adopts restrictive measures that arise from the implementation of binding resolutions of the UNSC or from its own initiative.
 

• UNSC Consolidated Sanctions List
• Consolidated list of individuals, groups and entities subject to EU financial sanctions
• Law n.º 97/2017 August 23 | DR

 

More about the Applicable Law and International Guidelines 

Article 368-A of the Penal Code  – Defines the crime of money laundering.

Law No. 52/2003, of August 22  –  Establishes measures to combat terrorism.

Ordinance No. 150/2004, of February 13  - Establishes the list of countries, territories, and regions with privileged tax regimes.

Council of Ministers Resolution No. 88/2015, of October 1  - Creates the Coordination Commission for Policies for the Prevention and Fight against Money Laundering and Terrorism Financing.

Directive (EU) 2018/843 of the European Parliament and of the Council, of May 30  - Relating to the prevention of the use of the financial system for money laundering or terrorist financing.

Directive (EU) 2018/1673 of the European Parliament and of the Council, of October 23  - Relating to the fight against money laundering through criminal law.

Delegated Regulation (EU) 2016/1675 of the European Commission, of July 14 - Identifies third countries at high risk that present strategic deficiencies.

FATF - Financial Action Task Force

The Financial Action Task Force (FATF), founded in 1989, is an inter-governmental body that sets international standards that aim to prevent money laundering and terrorist financing, and the harm they cause to society.

In 1990, the FATF issued 40 recommendations on the fight against money laundering, that became international standards and the basis for the assessment of policies to prevent money laudering activities (adopted by the UN, the Council of Europe, and the European Union).
 

Assessment of Portugal

The Portuguese anti-money laundering and combating terrorist financing system was assessed by the FATF in 1994, 1999, 2006, and 2017.

The 2017 Mutual Evaluation Report concluded that "Portugal has a sound and effective regime for fighting money laundering and terrorist financing”, implying a regular follow-up process (only applicable to countries assessed as having a robust system). 

National Strategy for the Prevention and Combat of BCFT and the Financing of the Proliferation of Weapons of Mass Destruction (RCM n.º 69/2022)

Consult here the National Strategy for the Prevention and Combat of BCFT and the Financing of the Proliferation of Weapons of Mass Destruction 

Access do Administrative Information

Those interested in accessing administrative information, produced or in possession of the Treasury and Public Debt Management Agency - IGCP, E.P.E., may request an on-site consultation or reproduction (photocopy or digitization) through the following means:

• Letter  addressed to the Chairman of the Board of Directors, to the address: Av. da República, 57, 1º, 1050-189 Lisboa
• E-mail to: info@igcp.pt
  • To make requests for access to administrative information, the appropriate form, available for download, must be used.
• Person responsible for access to information at IGCP - Technician of the Office of Support to the Board of Directors: Dr. Pedro Santos

The Responsible for Access to Administrative Information (RAI), under Article 9 of Law No. 26/2016, of August 22, has the mission to assess all requests for access to administrative information produced or in possession of IGCP, made by individuals and legal entities of public or private law.

In assessing the requests, the RAI must determine the legitimacy of the request's origin, the legitimacy of the request, issue an authorization opinion, either total or partial, or of denial (in all situations, always substantiating, based on the law, doctrine and/or jurisprudence). In case of denial, it must inform the requester of the legal avenues for appeal.

In exercising the right to access administrative documents, citizens will bear the cost of the respective reproduction, by photocopy or by any technical means, and the certificate, under Dispatch No. 8617/2002, of the Ministry of Finance (DR II Series, of April 29, 2002).

Request for access/reuse of administrative documents (Article 10, paragraph b, No. 1, and Article 12, No. 2 of Law No. 26/2016, of August 22; Articles 63 and 102 of the Administrative Procedure Code).