Brazil

New Documents

Brazilian Police Seize R$230 Million in Drug Proceeds (in Portuguese)

Brazil’s Federal Police announced that it seized R$230 million from a drug trafficking group with operations in Brazil and Paraguay. Police also seized 42 properties, two farms, 75 cars, and at least one airplane.

September 16, 2020

Regulators from Japan, Brazil Agree to Cooperate in Supervision of Financial Institutions

The Governor of Japan’s Financial Services Agency, Endo Toshihide and the Governor of Banco Central de Brasil, Roberto de Oliveira Campos Neto, exchanged letters agreeing to cooperate in their supervisory efforts of financial institutions.

March 6, 2020

Brazil’s Central Bank Strengthens AML/CTF Controls

February 5, 2020

Brazilian Federal Judge Argues in Support of US AML Reforms

December 13, 2019

OECD Expresses Concern Over Brazilian Efforts to Combat Foreign Bribery, Corruption

November 13, 2019

News

Weekly Roundup: Swiss Probe Lender Over Corrupt Payments, Ex-Danske Bank Execs Seek Dismissal of Money Laundering Case, and More

Danske Bank plans to shed 1,600 jobs, Citgroup fined for failing to manage risk, and more, in this week’s roundup.

October 9, 2020

Midweek Roundup: FinCEN Logs Nearly 100,000 COVID SARs, Commonwealth Bank Funneled BTC-e Funds, and More

Banks and governments wary of cryptocurrency’s AML risks, EU to start infringement proceedings against three members’ ‘golden visa’ schemes, and more, in the midweek roundup.

September 30, 2020

Midweek Roundup: FinCEN Wants ‘Effective’ AML Programs, Julius Baer Nears FIFA Settlement with US Prosecutors, and More

September 16, 2020

Midweek Roundup: Credit Suisse Accuses Employee of Forging Records, Crown Resorts Staff Helped Clients Evade AML Program, and More

September 2, 2020

Weekly Roundup: Watchdog Faults FinCEN’s Lax Scrutiny of Real Estate GTO, Banking Agencies Issue Enforcement Guidance, and More

August 14, 2020

Enforcement Actions

0 Items Found

Key Documents

Brazil Revamps AML Law

July 9, 2012

Brazil Mandates Reporting of Terrorist Financing (in Portuguese)

June 9, 2003

Brazil Targets Money Laundering, Terrorism Financing

March 3, 1998

President of Brazil Approves Bylaws of Council for Financial Control

October 8, 1998

Brazil Creates Exceptions to Financial Institutions' Duty of Confidentiality

January 10, 2001

Brazil Establishes Cash Reporting Threshold

June 11, 2003

Brazil Mandates Reporting Procedures for Cash Transfers by Non-Financial Legal Entities

November 19, 2001

Important Facts

  • The U.S. State Department identifies Brazil as a major money laundering jurisdiction. It is a major drug-transit country, as well as one of the ten largest economies in the world. Money laundering in Brazil is primarily related to transnational criminal activities, in particular drug trafficking, corruption, organized crime, gambling and trade in various types of contraband. Illicit networks in the Tri-Border Area which Brazil shares with Paraguay and Argentina provide financial support to Hizballah, a U.S. Department of State-designated Foreign Terrorist Organization and a U.S. Department of the Treasury Specially Designated Global Terrorist. Brazil is also one of the world’s largest drug consumer countries. Public corruption is law enforcement’s primary money laundering priority, followed by narcotics trafficking. Money laundering methods include the use of banks, real estate, and financial asset markets; remittance networks; shell companies; phantom accounts; illegal gaming; informal financial networks; and the sale of cars, cattle, racehorses, artwork, and other luxury goods. In addition, criminals use foreign tax havens to launder illicit gains. Drug trafficking organizations are tied to black market money exchange operators. In large urban areas, laundering techniques often involve foreign bank accounts, shell companies and financial assets. In contrast, in rural areas, the use of promissory notes and factoring operations are more common. Brazil maintains comprehensive know your customer and suspicious transaction report regulations.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 3 High :
Largely Compliant : 21 Substantial :
Partially Compliant : 16 Moderate :
Non-Compliant : 7 Low :

BASEL i

Rank : 78/141
Score : 5.02/10

TRANSPARENCY INTERNATIONAL i

Rank : 106/180
Score : 35/100

Tax Justice Network i

Rank : 73/133
Score : 52/100