Among the initiatives underway at Coaf in partnership with SPA/MF, the regulatory body for fixed-odds lottery betting, the most notable are monitoring actions aimed at preventing the activities of companies without authorization to operate this lottery modality in accordance with the rules established in the applicable legislation and regulations.
Institutional coordination between the bodies reinforces the importance of financial intelligence in preventing money laundering related to the activities of sports betting and online gaming sites.
Internally, Coaf invests in in-depth studies on the subject and in improving mechanisms for identifying possible illegal activities related to betting in communications received from people required by law.
Coaf
Coaf is Brazil's Financial Intelligence Unit (UIF), the central authority for the system to prevent and combat money laundering and the financing of terrorism and the proliferation of weapons of mass destruction (PLD/FTP).
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 is endowed with technical and operational autonomy, operating throughout the national territory and has the following responsibilities:
* Receive, examine and identify information related to suspected illicit activities
* Produce and manage financial intelligence information to prevent and combat money laundering
* Share communications with competent authorities when concluding the existence of crimes of “laundering”, concealment of assets, rights and values, of well-founded indications of their practice or of any other illicit activity
* Coordinate and propose mechanisms for cooperation and exchange of information that enable quick and efficient actions in combating the concealment or concealment of assets, rights and values.
Coaf is also responsible for regulating compliance with the duties provided for in articles 10 and 11 of the LLD by persons directly subject to its supervision in accordance with § 1 of art. 14 of the Law, as well as applying the sanctions provided for in its art. 12 when non-compliance with these duties is found.
Coaf promotes institutional dialogue with national, foreign and international bodies and entities that have a connection with its activities.
Source: GMB
