Title: The new centrality of 'Fintech' in the fight against money laundering, terrorist financing and proliferation financing: the case of Portugal

Authors: Carlos Sarmento; Miguel Viegas

Addresses: Portuguese Financial Intelligence Units, Direção Nacional da Polícia Judiciária, R. Gomes Freire 174, 1150-105 Lisboa, Portugal ' GOVCOPP, DEGEIT, Universidade de Aveiro, Campus Universitário de Santiago, 3810-193 Aveiro, Portugal

Abstract: The digitisation of the economy today represents a trend that affects the entire economy and society. With the current health crisis caused by COVID-19, the process has accelerated dramatically. This growth raises natural concerns among supervisors. In this article, we describe this growth and analyse the response of entities responsible for combating money laundering and the financing of terrorism at the international level and in Portugal. Fintech is an unavoidable reality that brings benefits to society. The risks of its illicit use can only be tackled with new technologies in partnership with the private sector where new companies regularly emerge with new innovative solutions.

Keywords: Fintech; digital economy; money laundering.

DOI: 10.1504/IJFIB.2022.124234

International Journal of Financial Innovation in Banking, 2022 Vol.3 No.2, pp.133 - 152

Received: 20 Jul 2021
Accepted: 09 Jan 2022
Published online: 18 Jul 2022 *

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