The disclosure of the document by the Financial Supervision Authority comes within the framework of the work of a group specialized in the subject related to the authority’s general oversight. According to the Brazilian Securities Commission, the report serves as “essential support” so that participants in the Brazilian financial market can comply with legal obligations, As stipulated in CV Mechanism Resolution No. 50Which deals with practices and controls aimed at preventing illicit financial activities.
The information is based on the last plenary meeting of the Financial Action Task Force (“FATF”, in its English acronym), which was held in October. The entity, which was established by the seven major world powers (G7) in 1989, periodically publishes lists of regions that suffer from weaknesses in its mechanisms to combat financial and international crimes.
When the FATF places a jurisdiction under intensive monitoring, it means that the country has committed to resolving the identified strategic vulnerabilities within agreed deadlines and is now subject to monitoring. High-risk jurisdictions are subject to a call for countermeasures.
The following countries have been assigned to the gray list: South Africa, Angola, Algeria, Bolivia, Bulgaria, Burkina Faso, Cameroon, Ivory Coast, Haiti, Yemen, British Virgin Islands, Laos, Lebanon, Monaco, Mozambique, Namibia, Nepal, Nigeria, Kenya, Democratic Republic of the Congo, South Sudan, Syria, Venezuela and Vietnam.