Brazil

São Paulo, 2025 A dynamic team inaugurates Ayres Westin Advogados, built on core values and a commitment to serving as both legal experts and strategic business consultants. "The practice of law is our foundation, but our true differentiator lies in our deep understanding of our clients' operations. This allows us to craft solutions tailored to the specific needs of each client, both in Brazil and internationally," explains founding partner Gilberto Ayres Moreira. Fernando Westin notes that the team has already built a strong reputation in Tax Advisory and Litigation. "As we look to the future, we're expanding our focus to strengthen some of our practices such as Corporate Law, Mergers and Acquisitions, Capital Markets, Regulatory Affairs, and International Trade. We provide comprehensive legal solutions specifically designed to address the full spectrum of our clients' business challenges," he adds. Claudia Abrosio, who completes the founding trio with over a decade of collaboration, adds, "We've developed a cross-disciplinary approach that enables us to provide strategic guidance to both Brazilian and multinational companies in today's complex business environment." The firm's global outlook remains a key advantage. Ayres emphasizes, "In today's rapidly changing economic landscape, businesses need legal advisors who understand both local nuances and international dynamics. Our cross-border experience and deep knowledge of Brazil's business environment enable us to tackle complex challenges effectively." Specialized solutions The firm has established particular strength in tax optimization, financial restructuring, M&A transactions, real estate, and capital markets operations, with substantial experience in administrative and judicial proceedings throughout Brazil. "By integrating expertise across legal disciplines, we create bespoke solutions backed by the infrastructure and technology needed to support major Brazilian corporations and global enterprises operating in the country," says Claudia Abrosio. Partners and structure The team is completed by partners Jonathan S. Mazon, who works in Corporate, Mergers and Acquisitions, and Capital Markets; Marcelo Henrique Dias Corrêa, who works in Tax and Business Restructuring; Paulo Lucena de Menezes, specialist in Corporate, Mergers and Acquisitions, and Asset and Succession Management; and Victor Tavares de Castro, who works in Tax Litigation. Ayres Westin Advogados maintains offices in São Paulo and Belo Horizonte. Recognition The firm's lawyers are consistently ranked in premier legal directories including Chambers and Partners, The Legal 500, Latin Lawyer 250, Leaders League, LACCA, ITR World Tax, Best Lawyers, and Análise Advocacia. Ayres Westin recently received the 2024 Confeb Award for excellence in Tax Law. For more information, visit www.ayreswestin.com.br ———————————— Ayres Westin Advogados ayreswestin.com.br [email protected]

Ana Carolina Cesar, who joined KLA in 2019, coordinates KLAI, KLA’s artificial intelligence hub, as well as the Data Protection and Intellectual Property areas; she is recognized by rankings such as Legal500. Starting in January 2026, lawyer Ana Carolina Cesar will join KLA’s partnership. Leading the Data Protection, Intellectual Property, and KLAI (KLA’s AI hub) areas, Ana Carolina spearheads complex projects involving Artificial Intelligence, Technology Transactions, and Data Governance. Her expertise spans regulated and dynamic sectors, advising players in the Bets, Gaming, Media, and Entertainment markets, with strong involvement in the Creator Economy (influencers and digital advertising). Recognized by international legal rankings such as Legal 500, Leaders League, Latin Lawyer, and Brazil’s Análise Advocacia, the new partner combines business vision with technical rigor. She is a member of the International Association of Privacy Professionals (IAPP), a recognized specialist by OneTrust DataGuidance, and earned distinction in the Artificial Intelligence Policy program at the Center for AI and Digital Policy (CAIDP). Ana Carolina holds a Professional Master’s in Law and Management from Universidade Católica Portuguesa and an MBA in IT Management from FIAP. Her promotion reflects KLA’s commitment to investing in leadership that combines technical excellence and innovation, maintaining a focus on real impact for clients and long-term relationships.

The corporate and mergers and acquisitions team at Finocchio & Ustra Advogados advised Gran Capital Partners — a Brazilian private equity firm that partners with entrepreneurs by combining capital and management support to scale high-potential businesses — on a strategic investment transaction in STK Comércio de Alimentos S.A. (Aurok), a chain of high-quality meat boutiques with stores in Campinas and Indaiatuba and a vertically integrated operation with its own high-technology processing facility. This is the firm’s third recent investment, following Sterna Café and La Guapa. The transaction reinforces the ongoing professionalization of the specialized protein retail and gourmet grocery segments, with positive impacts on quality standardization, the shopping experience, and the expansion of the product portfolio for consumers. As a result, Aurok will be able to accelerate its growth and implement its expansion, with gains in operational efficiency and enhanced professionalization, thereby contributing to the consolidation of the segment in São Paulo. The transaction was led by partner Andrea Tincani, with the participation of Camila de Godoy Ferreira, Júlia Cristina Arruda Savioli, Carolina Zogaeb, and Enrico Abrahão Oliveira, all from Finocchio & Ustra Advogados.

Brazil creates special tax unit to combat money laundering, targeting fuel distributors and fintechs. Brazil has announced the creation of a specialized unit within the Federal Revenue Service (Receita Federal) to intensify efforts against financial crime[1]. The move followed the “Spare” and “Carbono Oculto” operations, which uncovered billions of reais in illicit transactions. These operations revealed how sectors such as fuel distribution and fintechs were used as platforms to channel or disguise suspicious financial flows, highlighting the growing complexity of organized crime schemes. A New Investigative Role for Receita Federal Traditionally, the Receita Federal acted primarily as a tax authority, identifying irregularities in payments and auditing fiscal integrity. With the establishment of this new unit, the agency steps into a broader role, working side by side with police and prosecutors in detecting, analyzing, and disrupting money laundering operations. This represents a structural change in Brazil’s enforcement landscape, aligning with international trends that emphasize “following the money” to combat organized crime. Anti-Money Laundering Challenges and Sector Exposure The findings of the recent operations make clear that certain industries are more vulnerable to infiltration by illicit networks. Fuel distribution, with its high-volume and cash-intensive operations, and fintechs, with their agility and technological models, are particularly exposed. For businesses in these sectors, the announcement should be read as a signal of intensified monitoring and heightened expectations regarding anti-money laundering controls and transaction monitoring systems. The new framework also signals broader international implications. Many of the sectors under scrutiny operate through import and export chains or rely on cross-border financial systems. As Brazil intensifies cooperation with foreign tax and enforcement authorities, companies abroad connected to Brazilian operations may face greater scrutiny and information sharing between jurisdictions. Concerns Over Fiscal Confidentiality At the same time, the new role of Receita Federal raises important concerns. Companies and their shareholders rely on the constitutional guarantee of fiscal secrecy, which protects sensitive financial data from undue exposure. The growing involvement of the tax authority in criminal investigations creates the risk that legitimate business information could be subject to excessive scrutiny or even misused. It is essential to emphasize that combating money laundering cannot justify unrestricted access to confidential data. The effectiveness of enforcement must not come at the cost of transforming financial intelligence into a fishing expedition that compromises corporate privacy and undermines due process. Looking Ahead The creation of this unit is a turning point in Brazil’s strategy against financial crime. For companies, especially in sectors already flagged by recent operations, the challenge is twofold: to strengthen criminal anti-money laundering frameworks while also safeguarding their rights against investigative overreach. Success in this environment will require balance—robust transparency and control mechanisms, paired with vigilance to ensure that the fight against illicit activity does not erode the legal protections of legitimate businesses.   Bruno Henrique dos Santos Henrique Zigart Pereira Guilherme Cremonesi   [1] https://www.cnnbrasil.com.br/economia/macroeconomia/fazenda-cria-delegacia-na-receita-para-combater-crime-organizado/#goog_rewarded. Access on 10/03/2025.