Brazil Prepares to Expedite the Fight Against the Crime of Money Laundering

On December 16, 2002, the mixed Commission of the fight against the crime of money laundering, associated to the Council of Federal Justice and composed of members of the Public Prosecution, Federal Justice, Federal Police, Council of Financial Activities (Coaf), Central Bank, Brazilian Federation of Banks (Febraban), Securities and Exchange Commission (CVM) and Federal Revenue, met in order to consolidate its mandates, which shall be formalized in February 2003 by Justice Nilson Naves, president of the Council of Federal Justice and of the High Court of Justice. The measures prepared by the Commission shall be implemented jointly by its respective bodies or by a specific institution. The majority of the proposals aims at expediting the development and at centralizing, through a data bank, information to facilitate the investigations on money laundering. Another recommendation of the Commission shall be that the Federal Regional Courts create specialized criminal court to judge the crimes against the national financial system and those of money laundering, in addition to the creation all Brazilian states of permanent centers of multi-institutional cooperation for the ordinary investigation of suspicions of money laundering, which may be composed of members of the Public Prosecution, Federal Police, Federal Revenue and Central Bank.