The 2021 CoE/EU Technical Support Instrument initiative for Portugal was launched on the 9th of July 2021, through a virtual kick-off meeting of the Project Advisory Board.

The event was opened by representatives of the Bank of Portugal, who will be the main project beneficiary and will ensure the coordination and implementation of planned reform activities on the national level, the European Commission Directorate General for Structural Reform Support (DG REFORM), and the Council of Europe Economic Crime and Cooperation Division.

Speakers expressed their enthusiasm and commitment to start with the implementation of this important Project aimed at enhancing the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime in Portugal by further developing Bank of Portugal’s risk-based supervision model with a specific focus on developing a risk-based methodology for an automatic AML/CFT risk categorisation for supervised entities. Project Advisory Board members used this opportunity to discuss common expectations and future implementation steps. Participants underlined the importance of adapting the supervisory approach to the new and emerging money laundering and terrorist financing (ML/TF) risks, by using the latest technological solutions and developing comprehensive automated supervisory tools and updated risk indicators.

The Project Advisory Board will meet per need to follow the progress of activities and discuss necessary adjustments.

The activity was organised within the framework of the Technical Support Instrument project on “Developing a risk-based methodology for an automatic anti-money laundering/counter terrorist financing risk categorisation for supervised entities in Portugal”, funded by the European Commission Directorate General for Structural Reform Support (DG REFORM) and the Council of Europe and implemented by the Council of Europe.