Brazil moves money laundering
intelligence unit to central bank
Send a link to a friend
[August 20, 2019]
SAO PAULO (Reuters) - The Brazilian
government on Tuesday issued a decree moving the Financial Activities
Control Board (Coaf), which monitors nefarious financial activity such
as money laundering, into a new Financial Intelligence Unit under
central bank control.
Brazil's President Jair
Bolsonaro attends a promotion ceremony for generals of the armed forces,
at the Planalto Palace in Brasilia, Brazil August 9, 2019.
measure, published in the Official Gazette, gives power to the
central bank president to appoint officials and to choose the
president of the newly created unit. Previously, Coaf was under
the Economy Ministry.
"The Financial Intelligence Unit is responsible for producing
and managing financial intelligence information for the
prevention and combat of money laundering, terrorist financing
and the financing of the proliferation of weapons of mass
destruction," according to the decree.
The agency will also be expected to liaise with national and
international agencies engaged in similar activities.
The plan to transfer Coaf to the central bank from the Economy
Ministry was announced earlier this month by President Jair
(Reporting by Ana Mano; Editing by Nick Zieminski)
[© 2019 Thomson Reuters. All rights
Copyright 2019 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.