FATF Statement on Brazil

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Paris, 22 February 2019 - In February 2016, the Financial Action Task Force (FATF), the international standard setter for combating money laundering, the financing of terrorism and proliferation of weapons of mass destruction, released a statement conveying its deep concerns about Brazil’s continued failure to remedy the serious deficiencies identified in its third mutual evaluation report adopted in June 2010, especially those related to terrorism and terrorist financing.

The FATF has repeatedly called for action to address those deficiencies. The FATF reiterated its concern in June 2016, October 2016, February 2017, June 2017 and November 2017. The FATF in June 2018 again called on Brazil to address these shortcomings.

FATF notes the passage of the TFS law by Brazil’s legislature on 20 February, which aims to address major shortcomings for identifying and freezing terrorist assets. The FATF will review the legislation for compliance with the FATF standards. Further to that review, the FATF will determine next steps in June 2019.