Edition 1450
18 November 2017
Edition: 1450

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Banks to release client data if terrorism, money laundering suspected

by TPN/ Lusa, in Business · 19-10-2017 13:48:00 · 0 Comments

Portugal’s tax office is set to gain access to information on banks’ customers when public prosecutors or the criminal police suspect that operations relate to terrorism and money laundering, under measures contained in a preliminary version of the 2018 state budget.

According to reporters, there would be a new situation in which tax inspectors can access the data of clients of banks and other financial institutions, breaking the usual banking secrecy.
Under a new line in article 63-B of the General Tax Law (sub-clause i), there is “grounds to lift banking secrecy” when the tax authorities receive “notice of suspect operations” from the Central Department of Penal Action and Investigation, the office of Portugal’s Attorney-General, or the Unit of Financial Information of the PJ police.
This action may be taken, the draft bill states, “in the ambit of legislation relating to the prevention and countering of money laundering and the financing of terrorism.”

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Edition 1450
18 November 2017
Edition: 1450

Read this week's issue online exactly as it appears in print.

Twitter

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