Government sets new rules to prevent money laundering crimes

The Ministry of Economy published Normative Instruction nº 76, which provides for the policy, procedures and controls to be adopted within the scope of Commercial Boards to prevent crimes of money laundering and terrorist financing.

The norm details the procedures and controls that must be observed by all 27 Commercial Boards of the country – there is one in the Federal District and one in each State – and determines that operations suspicious of those crimes must be reported within 24 hours to the Financial Activities Control Council (Coaf), a body linked to the Central Bank of Brazil.

The new standard, which will come into force on July 1, 2020, complies with United Nations Security Council determinations and involves all business and operations carried out at Commercial Boards.