In Brazil, the Council for Financial Activities Control (COAF)’s the response to fight against financial crimes. Since its creation in 1998, COAF is a primary component of Brazil’s fight against money laundering, financing of terrorism, and tax evasion. As they’re a part of the Brazilian Ministry of Finance, they determine the powers and it’s the legal reach of COAF.
COAF hopes to put an end to 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. As an example, if a financial institution files a report regarding a suspicious transaction, it COAF becomes responsible to conduct an investigation. By doing this, COAF is hoping to put an end to Brazil’s money-laundering, preventing funds from reaching onto 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. In addition, a branch of the council is dedicated to Corruption Prevention and Strategic Information with Disciplinary Board that gives and enforces punishments for financial crimes.
Since it’s existence, COAF has managed to provide the Brazilian public with both detailed and condensed information supported with statistics to allow them 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 a variety of financial crimes.
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