Brazil’s fight against money laundering hit the headlines at multiple points in 2019, first and foremost when the president’s son, Flávio Bolsonaro, became the subject of a report from the national money laundering enforcement agency (Coaf) suggesting he was involved in corruption schemes during his time as a state lawmaker in Rio de Janeiro.
The pressure on Coaf from above became significant, with the agency being handed around between cabinet ministries—from Sergio Moro’s Justice Ministry, to the Economy Ministry, and then to the Central Bank. A public consultation was launched to brainstorm new rules for the agency, with a suggestion that Coaf would no longer employ increased scrutiny on the banking transactions of “politically exposed persons” (PEPs), which involves the holders of public office and their close relatives.
Now, however, the Central Bank has officialized its new rules for money laundering control, which all accredited...
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