Brazil: Report on the Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 207

Publication date: June 2005

ISBN: 9781451805925

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Topics covered in this book

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Public Finance , ISCR , CR , financial institution , offence , regulation , financing , bank secrecy , Banco central , STR data , government of the Federative Republic of Brazil , foreign exchange , predicate offence , bank information , central bank , Money laundering , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Terrorism financing , Legal support in revenue administration

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Summary

This paper presents the report on Brazil’s Observance of Standards and Codes on the Financial Action Task Force Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism. Brazilian authorities report that the major sources of illegal proceeds are crimes against the financial system, drug trafficking, and tax evasion. Law 9613/98 and sector-specific regulations incorporate the financial supervisors into the regime, and they appear to be broadly ensuring compliance by the financial sector.