Council for Financial Activities Control

The Council for Financial Activities Control (Portuguese: Conselho de Controle de Atividades Financeiras - COAF) is the national Financial Intelligence Unit of Brazil that is responsible for receiving and analyzing information on financial transactions which are considered to be linked to money laundering. The COAF disseminates the results of its analyses to the competent authorities where there are grounds to suspect money laundering or terrorist financing.

Council for Financial Activities Control
Conselho de Controle de Atividades Financeiras
COAF
Administrative body overview
FormedMarch 3, 1998 (1998-03-03)
JurisdictionBrazil
HeadquartersBrasília, Distrito Federal
Parent administrative bodyCentral Bank of Brazil

It was originally created in 1998 "under the jurisdiction of the Ministry of Finance, for the purpose of regulating, applying administrative sanctions, receiving pertinent information, examining and identifying suspicious occurrences of illicit activities related to money laundering."[1] Its organization and structure, as well as its Internal Rules and Regulations, were also defined in a Decree and Administrative Rule respectively, both enacted between October and December 1998.[1]

On 19 August 2019 the name of the COAF was changed to Financial Intelligence Unit (Unidade de Inteligência Financeira in Portuguese) by an provisional decree of the President Jair Bolsonaro, who transferred the newly created unit under the control of the Central Bank of Brazil.[2]. However, the National Congress of Brazil amended the text of the decree, sanctioned by Law No. 13,974 of 7 January 2020, and decided that the name of the Unit would remain Council for Financial Activities Control (COAF).[3]

See also

References
  1. Conselho de Controle de Atividades Financeiras. "About Us". Brazil: Ministério da Fazenda. Archived from the original on 8 February 2012. Retrieved 3 March 2013.
  2. "Brazil moves money laundering intelligence unit to central bank". reuters.com. Reuters. 20 August 2019. Retrieved 26 December 2019.
  3. Uribe, Gustavo (7 January 2020). "Bolsonaro sanciona transferência do Coaf para o Banco Central". Folha de São Paulo. Retrieved 8 January 2020.


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.