The Financial Activities Control Council (Coaf), in alignment with the legal discipline of operation of companies that explore lottery services in the fixed quota betting modality, including online (known as bets), has been strengthening the exchange of information and the development of actions in partnership with the Secretariat of Prizes and Bets of the Ministry of Finance (SPA/MF).
Among the ongoing initiatives at Coaf in partnership with the SPA/MF, the regulatory body of the lottery modality of fixed quota bets, notable actions include monitoring aimed at curbing the operation of companies without authorization to explore this lottery modality according to the rules established in the applicable legislation and regulations.
Institutional articulation between the bodies reinforces the importance of financial intelligence in preventing money laundering related to the operation of sports betting sites and online games.
Internally, Coaf invests in deepening studies on the subject and in improving mechanisms for identifying possible illicit activities related to bets in communications received from individuals obligated by law.
The Coaf
Coaf is the Financial Intelligence Unit (FIU) of Brazil, the central authority of the system for the prevention and combat of money laundering and the financing of terrorism and the proliferation of weapons of mass destruction (AML/CFT).
Created by Law No. 9,613, of March 3, 1998 (Money Laundering Law – LLD), and restructured by Law No. 13,974, of January 7, 2020, Coaf has technical and operational autonomy, operates nationwide and has the following competencies:
* Receive, examine, and identify information related to suspicions of illicit activities
* Produce and manage financial intelligence information for the prevention and combat of money laundering
* Share communications with competent authorities when it concludes the existence of “laundering” crimes, concealment of assets, rights, and values, of well-founded indications of their practice, or of any other illicit act
* Coordinate and propose mechanisms for cooperation and information exchange that enable quick and efficient actions in combating the concealment or dissimulation of assets, rights, and values.
Coaf is also tasked with regulating compliance with the duties set forth in articles 10 and 11 of the LLD by persons directly subject to its supervision as per § 1 of article 14 of the Law, as well as applying the sanctions provided in its article 12 when non-compliance with these duties is observed.
Coaf also promotes institutional dialogue with national, foreign, and international bodies and entities connected to its activities.
Source: GMB
