New Coaf Integrated Management Report highlights Brazil’s progress in FATF assessment

Summary:

The Brazilian Coaf (O Conselho de Controle de Atividades Financeiras) has published its Integrated Management Report (RIG) for 2023, highlighting the country's progress in the 4th Round of Mutual Evaluation, coordinated by Coaf as the central authority of Brazil's PLD/FTP system. The report notes advancements in risk-based approach (ABR) for financial intelligence production and management, particularly in communication processing and analysis. The main achievements and challenges mentioned by the Gafi (Group of Action Finance) include:

Improved international cooperation, risk assessment, and inter-institutional coordination
Deep understanding of money laundering risks, particularly those related to corruption, organized crime, drug trafficking, and environmental crimes
Strong supervision of the majority of the financial sector, with a need to reduce gaps in non-financial sector supervision
Good performance in recovering assets related to corruption, but with a need to intensify recovery of assets related to other crimes and terrorism
Good initiatives for coordination and integration to detect unauthorized use of companies, but with challenges in identifying final beneficiaries
Improvements in measures to combat terrorism financing, but with a need for greater effectiveness

Overall, the report highlights the Coaf's progress in producing and managing financial intelligence to combat money laundering and terrorism financing.