In Brazil, the Council for Financial Activities Control (COAF) responds to the fight against financial crimes. Since its creation in 1998, COAF is a primary component of Brazil’s fight against money laundering, financing terrorism, and tax evasion. As they’re a part of the Brazilian Ministry of Finance, they determine the powers and the legal reach of COAF.
COAF hopes to end Brazil’s money-laundering, preventing funds from reaching into the wrong hands and stopping financial criminals from successfully executing them.
The main purpose of COAF is to regulate Brazilian financial institutions, implementing and enforcing certain sanctions, examining suspicious transactions, and monitor any clients or accounts that pose a severe threat to Brazil’s financial sector. For example, if a financial institution files a report regarding a suspicious transaction, COAF becomes responsible for conducting an investigation. By doing this, COAF is hoping to end Brazil’s money-laundering, preventing funds from reaching the wrong hands and stopping financial crimes.
COAF’s structure’s simplicity and efficiency leading the Comptroller General and making them second in command to the Executive Secretariat. Besides, a branch of the council is dedicated to Corruption Prevention and Strategic Information with Disciplinary Board that enforces punishments for financial crimes.
Since its existence, COAF has managed to provide the Brazilian public with detailed and condensed information supported with statistics to understand financial crimes and their damage to the Brazilian economy in a much more simple way. They also release publications, such as “Money Laundering: A Global Problem,” to educate people and institutions on various financial crimes.
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