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Regional Conference
“New Trends and Techniques of Money Laundering and Terrorism Financing”
November 22-23, 2010 Bucharest
Romania
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Legal framework
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Predicate Offences (Article 368 – A, Penal Code)
• Incitement to prostitution • Sexual exploitation of
children or minors• Extortion• Trafficking in narcotic drugs
and psychotropic substances
• Arms trafficking• Trafficking in human organs
and tissues• Trafficking in protected
species• Tax fraud• Trafficking of influences
• Corruption• Embezzlement• Illicit economic
participation in business• Harmful administration• Fraud in obtaining credit or
grant• Other economic and
financial offences• Offences punishable by a
minimum penalty of more than 6 months’ imprisonment or a maximum penalty of more than 5 year’s imprisonment
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Supervision/Control Entities(Act No. 25/2008, of 5th June)
• Portuguese Central Bank
• Portuguese Insurance Institute
• Securities Market Commission
• Authority for Alimentary and Economic Security
• Institute for the Construction and Real Estate
• General Inspectorate for Gambling
• Registries and Notaries General Directorate
• Statutory Auditors Association
• Chartered Accountants Chamber
• Bar Association
• Solicitors Chamber
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Financial reporting entities(Act No. 25/2008, of 5th June)
• Credit institutions;
• Investment companies and other
financial companies;
• Entities managing or dealing
venture capital funds;
• Collective investment bodies
trading their investment fund
units;
• Insurance companies and
insurance brokers (life insurance);
• Companies managing pension
funds;
• Credit securitisation companies;
• Venture capital financing
companies and investors;
• Investment consulting companies;
• Companies dealing in goods or
services linked to investment in
tangible assets.
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Non-financial reporting entities(Act No. 25/2008, of 5th June)
• Those acting under a concession
granted in order to operate
games in casinos;
• Those paying out prizes of bets
or lotteries;
• Those acting as real estate
agents or buying and re-selling
real estate, as well as building
entities acting as direct sellers of
real estate;
• Dealers in goods paid with cash,
equal to or exceeding EUR
15000, regardless of whether the
transaction is carried out through
a single transaction or through
several transactions apparently
linked to each other;
• Statutory auditors, chartered
accountants, external auditors
and tax consultants;
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Non-financial reporting entities(Act No. 25/2008, of 5th June)
• Notaries, registrars, lawyers,
solicitadores and other
independent professionals,
incorporated as companies or
acting individually, who, be it on
behalf of a client or in any other
circumstances, intervene in or
assist operations as specified in
law 25/2008, of 5th June;
• Other providers of services to
companies, to other legal
persons or legal arrangements,
where not included in the above
entities.
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Reporting Entities - Duties(Act No. 25/2008, of 5th June)
• Identification;
• Due diligence;
• Refusal;
• Document keeping;
• Examination;
• Reporting;
• Refrainment;
• Cooperation;
• Secrecy;
• Controlling;
• Training.
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The FIU
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FIU - Competences (Decree-Law No. 42/2009, of 12th February – Article 5)
Collect, centralize, process and disseminate nationwide the information relating to money laundering, financing terrorism and tax-related offences,
Ensuring domestically the cooperation and articulation with the judiciary, the supervisory authorities and economic and financial players,
Internationally, the cooperation with financial information units or similar structures
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Organization Chart
Direction
Coordination Council
LiaisonStanding Group
LiaisonOfficers
ResearchSection
Squads
IntelligenceSection
Collation and AnalysisSquad
CooperationSquad
InstitutionalCooperation
Section
TechnicalAssessor ship
GeneralSupport
DocumentTreatment and
Archive
Secretariat
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Workflow
STRRecords
Coordination
FIUDatabase
Other Databases
CooperationSquad
ResearchSection
Dissemination
Update
FinalReport
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The risk based approach
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The risk of ML/FT on the financial transactions
• The reporting entities have the duty of diligence in the relationships with their costumers
• They should have into account the risk profile of their costumers and the risk of the transaction
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Criteria for the classification of the risk
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Criteria for the classification of the risk
• Activity / profession
• Economic situation
• Legal persons
• Rationality of the business
• Beneficial owner
• Offshores jurisdictions
• Countries listed• Family
• Associated persons
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Statistics
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2006 2007 2008 2009
Total 164 178 172 168
Requests to the Liaison Standing Group Crimes investigated
C orruption14%
D rugs Trafficking
33%Tax F raud
11%
Money L aundering
24%
Other18%
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Reports received
855 1036 870 928
15600
12000
22700
14255
2006 2007 2008 2009
Financial Non-Financial
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Reports receivedFinancial entities and supervisors
396
634
1st semester 2009 1 st semester 2010
There is an increase of 60% in the reports from the financial sector
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Exchange of information – FIU’s
91 104 94 104
297
260
183
91
2006 2007 2008 2009
Request received Request sent
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Proposals for freezing
2006 2007 2008 2009 2010 (1st Sem.)
Nº of cases 15 14 13 16 5
Amounts
(aprox.)
€ 22.000.000 € 15.500.000 € 8.200.000€
14.261.392 € 1.479.962,00
USD 250.000
USD 24.600.000 USD 20.000 USD 6.548.194,00
£ 330.000
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Type of suspicious transaction reported
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Predicate offence detected
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Type of Reported Transaction - 2009
37%
28%
15%
11%
6%
2% 1%
Cashtransactions
Transfersto/from abroad
Interrnaltransfers
Exchange ofbanknotes
Early repaymentof credit
Currencyexchange
Others
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Predicate Offences detected - 2009
104
40
29
4
1
1
1
8
Tax Fraud
Swindling
Drugs Traffi cking
Documents forgery
Human Trafficking
Counterfeit currency
Corruption
Others
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Confirmed suspicions - 2009
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Money laundering Money laundering Enquiries, accusations and convictions Enquiries, accusations and convictions (2006-2008)(2006-2008)
2006 2007 2008 2009
Enquires 84 95 46 154
Accused/charged persons 12 25 16 17
Convictions 11 4 14 14
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Financial Intelligence Unit
Sílvia Pedrosa | Fernando Jordão
Financial Intelligence Unit
Rua Luciano Cordeiro, 77
1150-213 Lisboa
E-mail: [email protected]
Tel: (+351) 21 154 47 04
Fax: (+351) 21 314 24 24