November 7, 2017 |
In addition to Brazil’s financial institutions, other businesses, such as jewelers, real estate notaries and luxury retailers, are required to report suspicious activity to government agencies.
Most of these businesses, however, are still far away from the standards achieved by the banking system.
“We receive plenty of information from the financial system through COAF [the government entity that combats money laundering],” says public prosecutor Carla de Carli. “But not so much from other sectors that have an obligation to report atypical situations.”
But evidence exists that money laundering is pervasive throughout the Brazilian economy.
According to Transparency International, the city of
Beyond banks, other Brazilian businesses are also being forced to take action to clamp down on money laundering.