What is COAF and what does it mean? COAF and the Financial Activities Control Board connected to federal government. It's an organ responsible for analyzing suspicious financial transactions related to the Brazilian population. In 2018 alone, COAF investigated 370,000 individuals and companies.
The volume represents a 10% increase compared to 2017. In partnership with the Public Prosecutor's Office and police authorities, COAF managed to legally block about of R$36 million in Brazil and abroad, related to investigations into money laundering and other crimes.
see more
02/22/22: What does this date mean? What are the effects on our…
What is each washing machine symbol for?
Coaf is responsible for intelligence actions to prevent money laundering, asset concealment and terrorist financing. Coaf receives, examines and identifies suspicious occurrences of illegal activity and communicates them to the competent authorities.
With the beginning of President Jair Bolsonaro's term in January 2019, the Board of Control of Financial Activities was transferred from the extinct Ministry of Finance to the Ministry of Justice and Public security.
The change occurred through Provisional Measure (MP) No. 870, which established the organization of the bodies of the Presidency of the Republic and ministries.
However, in December 2019, the National Congress approved the transfer of the Council to the Ministry of Economy, with the administrative linkage of the body to the Central Bank of Brazil.
Related Contents:
