BRAZIL

On September 23, the Chamber of Deputies set up a Committee of Jurists to draw up a preliminary draft to reform and update the current law on Money Laundering (Law No. 9,613/98). The group, made up of 19 members, will have up to 90 days to submit a proposal. 

The new committee members stressed that their objective is to adapt the provisions of Law 9.613/98 to the current scenario, “without creating setbacks”.”There is no intention of relaxing any rules but of achieving a law able to respond to the challenges before it and to answer to the powers of the Republic,” said deputy and lawyer Margarete Coelho (Progresistas – allied with the ruling party). 

The committee’s work will be coordinated by Reynaldo da Fonseca, a Superior Court of Justice official. According to him, money laundering activities in Brazil move some 6 billion reais a year through drug trafficking, asset smuggling, extortion and other illegal activities performed by legalized establishments. The committee will also include magistrates, members of the state prosecutor’s office, academics and experts.