Money laundering increases in Brazil

Brazilian newspaper O Globo has recently highlighted the increase in money laundering activity in Brazil which has seen over 43,200 people and companies investigated in the last 23 months alone. The number of suspected money laundering cases in 2011 was more than the last four years combined and three-times that of 2009.

The year-on-year increase in money laundering has resulted in Brazil being rated as the fifth most suspicious country in terms of transfer of funds. This places Brazil above tax havens such as Panama, Hong Kong, Afghanistan and the British Virgin Islands.

In 2010 over 3,500 investigations and prosecutions were launched into money laundering according to the Brazilian government. In spite of the number of prosecutions, “there are very few convictions” according to the intergovernmental task force (GAFI/FATF).

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