THE PORTUGUESE stock and financial market commission (Comissão do Mercado de Valores Mobiliários) is to create a dedicated team to fight market crimes and fraud.
The announcement was made last week by the President of the CMVM Carlos Tavares, who heads the financial market regulator.
“The most difficult situations to uncover are not necessarily the most blatant of crimes, there are other types of market manipulation which are almost undetectable,” said Carlos Tavares.
That’s why the CMVM is to work with highly specialised and sensitive equipment developed for these ends.
The object was to develop and perfect the most advanced means to detect crimes in the market and dissuade others from even considering it.
Among the various ways the financial markets can be manipulated include the buying and selling of financial instruments or disseminating false information and encouraging speculation through the media.
In the first half of the year, the CMVM initiated 18 legal cases of fraud and money market massaging, solving 15, of which nine were serious and six very serious.
Do you have a view on this story? Email: editor@portugalresident.com
