Newsletter – September/20 | White Collar

THE BRAZILIAN CHAMBER OF DEPUTIES APPOINTS A COMMITTEE OF JURISTS TO REFORM THE MONEY LAUNDERING LAW

The President of the Brazilian Chamber of Deputies, Rodrigo Maia, appointed a committee of Jurists to reform the Law n. 9.613/98, also known as "Money Laundering Law". Among the jurists appointed there are Lawyers, Public Prosecutors, Judges and academics that have expertise in Corporate Crimes. The committee should send the bill to the National Congress in 90 days.

The reform is important for at least three fundamental reasons. The first one regards the problem of the crime of money laundering being too broad. The law allows for the interpretation that any destination of funds could be considered money laundering. Thus, if someone stores cash that was not declared in order not to pay taxes, it is possible, under the law, for the Authorities to interpret as a crime of money laundering, instead of only the tax evasion.