OECD invites Brazil to standardize financial system and service provision

The Organization for Economic Cooperation and Development (OECD) sent Brazil an invitation to adhere to two instruments that aim to standardize rules for international financial flows and the provision of services between countries. The Central Bank announced it had received the invitation on Thursday.

“The first document refers to standards for normative acts on international financial flows, including payments, transfers, loans, investments, as well as the purchase and sale of foreign currency. The other, in turn, basically refers to the provision of services in a cross-border fashion – such as international consulting, legal, and architectural services,” reported the monetary authority, in a statement.

The invitation, according to the Central Bank, does not oblige Brazil to fully adopt the recommendations and instrument’s parameters. “No OECD member country has adhered to 100 percent of the code’s recommendations. There is the possibility of accepting and adhering, of accepting with reservations, of accepting with a timetable, and of rejecting with justification.”

Countries, however, are encouraged to join according to their own capabilities and circumstances, including not adhering if they are not prepared. Brazil’s monetary authority did not detail which recommendations it will adopt, if any.

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