New Anti-Money Laundering Law in Brazil

914

Earlier this week Brazilian President Dilma Rousseff signed into law (Law 12.683/2012) a bill aimed at curbing money laundering offenses in Brazil.  It is a significant change from previous money laundering rules, and another in a series of actions taken by the president to (as much as possible) stamp out corruption that still hinders the country’s progress.

President Rousseff signed the bill without invoking her line-item veto authority, a statement of the commitment to reduce illegal practices that have continued in the country under the former version of the law.

First enacted in 1998, Brazil’s money laundering laws (Law 9613) did not criminalize the act of money laundering unless the money or assets in question were related to enumerated illegal activities; arms and narcotics trafficking, terrorism, kidnapping and extortion among them.

The new amendments to Law 9613 does away with the reference to underlying crimes, criminalizing the transfer of funds of which the nature or source is concealed. In addition to lowering the threshold for prosecution, the new rule enhances the criminal and civil penalties for the offense.

Detailed news link: click here

Link to the Senate draft presented to the President: click here