Brazil’s Financial Activities Control Council (COAF) has partnered with the Latin American Financial Action Group (GAFILAT) to strengthen its national anti-money laundering policies.
As per SBC Noticias Brazil, the event was attended by international experts from across the fields of gambling, lotteries, and law, among others.
Attendees came from as far as Spain to discuss guidelines and case studies related to Designated Non-Financial Activities and Professions (APNFD).
The best practices exchange was also attended by Brazil’s Ministry of Finance’s Prizes and Betting Secretariat (SPA), the Paraíba State Lottery (Lotep), and the Paraná State Lottery (Lottopar).
All guidelines were presented in accordance with policies by the Financial Action Task Force (FATF) – an international financial protection body that sets the standard for robust AML frameworks.
Lotep representatives most certainly took an active role in the conversation, given that the lottery issued a new Ordinance earlier in September that required all partnering retailers in the state of Paraíba to put governance programs in place, record diligently record financial transactions for at least five years, verify the identity of bettors, and report suspicious behaviour to COAF.
But increased regulatory scrutiny is nothing new to Brazil, with various state agencies working closely together with SPA to impose responsible player behaviour through initiatives like the National Betting System (SINAPO) – a body consisting of 16 federal units, including Paraná’s Lottopar.
Brazil’s betting market in general has been evolving since the beginning of the year when it became licensed for the first time.
The latest development brought good news to the industry, as a proposed increase in the income tax to 18% from the current 12% was rejected by Brazilian Ministers.