Applicants for Millionaire Financial Aid must identify the ultimate owner

Dual funding, corruption, conflict of interest and fraud are areas of risk that the European Commission requires Member States to vigorously combat in the context of the European bazooka fund selection and distribution process. It is for this reason, according to CMprojects submitted to the PRR go through rigorous selection and review procedures.

As such, it aims to achieve the goals agreed with the European Commission. For example, if a European bazooka finances the construction of 15 thousand houses, all these houses must be built, otherwise Portugal will not receive the money.
The Management and Internal Control System (SGCI) of the PRR funds is implemented by the Recuperar Portugal mission framework and covers all reforms and investments made with beneficiaries. Through the SGCI, Recuperar Portugal guarantees the collection and access to the data of the beneficiaries of the bazooka funds.

Among these data is the identification of the beneficial owners of companies and organizations that compete for PRR funds. Registration of the beneficial owner is mandatory by law.

The SGCI is organized to ensure “verification of the physical and financial implementation of all contracted reforms and investments throughout their life cycle, allowing for the prevention, detection and reporting of violations and fraud,” the Recover Portugal document says. ‘ which describes SGCI. In addition: according to the same document, it is through this system that unreasonably paid or misused community funds will be returned.

Costa asks Brussels for more time
The Prime Minister sent a letter to the President of the European Commission, Ursula von der Leyen, asking for more time for Portugal to use the PRR funds. António Costa justifies the positionas amended for “current and unforeseen economic circumstances as of the date of approval of the Recovery and Resilience Facility (RFR) provision.” The Prime Minister is in favor of extending the PDP beyond 2026 and proposes that this proposal be taken into account in future debates.