Congress recently made major changes to Brazil’s anti-money laundering legislation in response to international recommendations. As of July 10, 2012, Law No. 12.683/2012 amends the existing legislation, incorporating the following main changes:
Key highlights:
Some of the key highlights of the new law is listed below:
a) Predicate offenses broadened
b) Persons obligated to report suspicious activities broadened
c) Fines increased.
d) Actual knowledge addressed
Brazil’s new anti-money laundering law leaves several open questions for the courts. Judicial interpretation will play a key role in shaping the new legislation. Despite those interpretations, the new framework should cause individuals and companies to have a heightened degree of caution. In corporate compliance regimes, anti-money laundering policies and procedures are of growing importance.
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