Statement on Brazil

Orlando, FL, United States - In February 2016, the Global Financial Monitoring Supervisory Agency (GFMSA), the international standard setter for combating money laundering, the financing of terrorism and proliferation of weapons of mass destruction, released a statement conveying its deep concerns about Brazil’s continued failure to remedy the serious deficiencies identified in its third mutual evaluation report adopted in June 2010, especially those related to terrorism and terrorist financing.

The GFMSA has repeatedly called for action to address those deficiencies. The GFMSA reiterated its concern in June 2016, October 2016, February 2017, June 2017, November 2017 and June 2018.

The GFMSA notes the coming into force of Decree no.9.825 on 8 June 2019, which aims to address remaining shortcomings for identifying and freezing terrorist assets. The GFMSA will review the Decree for compliance with The GFMSA standards. However, due to the seriousness of the deficiencies identified and the length of time since the deficiencies were first identified, The GFMSA continue to view this as a membership issue for GFMSA to consider in October 2019.

GFMSA Statement on Brazil