Keeping the Financial Markets Clean
Aug 30, 2003
Brazil has tightened control over financial transactions with a series of regulations that apply to a range of activities and market participants.
Since ancient times, governments
have strived to avoid large sums of
money remaining outside their
control, primarily to curb the use of such
money in criminal or revolutionary
activities. Brazil enacted its first antimoney
laundering measure in 1990, it
provided for identification of Brazilian
taxpayers and extinguished bearer
securities, making concealment of assets
from suspicious activities more difficult
Since 1990, the county has added to
and refined its regulations to prevent
abuses in the financial markets. Brazil is
strongly committed to the creation and
improvement of anti-laundering and
anti-corruption mechanisms to curb
criminal activities and avoid the use of
local financial markets for such illicit
purposes. The government's active role
in legislating against money laundering
serves as motivation for Brazilian
companies to adopt high standards of
corporate governance and prevent tax
evasion and the creation of slush funds.
On March 3, 1998, Brazil enacted
its landmark anti-money laundering
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