Efwerwe

LAWWW

UNOFFICIAL TRANSLATION

Law No. 25/2008

of 5 June

Establishing the preventive and repressive measures for the combat against the laundering of benefits of illicit origin and terrorism financing, transposing into the domestic legal system Directive 2005/60/EC of the European Parliament and Council, of 26 October 2005, and Directive 2006/70/EC, of the Commission, of 01 August 2006, relating to the prevention of the use of the financial system and of the specially designated activities and professions for purposes of money laundering and terrorism financing, first amendment to Law No. 52/2003 of 22 August, and revoking Law No.

11/2004, of 27 March

The Assembly of the Republic decrees, pursuant to Article 161 c) of the Constitution, the following:

CHAPTER I

General provisions

SECTION I

Subject matter and definitions

Article 1

Subject matter

1- This Law establishes preventive and repressive measures to combat the laundering of unlawful proceeds and terrorism financing and transposes into Portuguese law Directive 2005/60/EC of the European Parliament and of the Council of 26th October 2005 and Commission Directive 2006/70/EC of 1st August 2006 on the prevention of the use of the financial system and designated non-financial businesses and professions for the purpose of money laundering and terrorism financing.

2- Money laundering and terrorism financing are prohibited and punishable in accordance with the procedures established by the applicable criminal law.

Article 2

Definitions

For the purposes of this Law the following shall mean:

1) «Entities subject to this Law», the entities referred to in Articles 3 and 4 of this Law; 2) «Business relationship», professional or commercial relationship between institutions and entities subject to this Law and their customers which, at the time when the relationship is established, is...