In order to make money laundering more difficult, the Economic Affairs Commission (CAE) approved, on Tuesday (24), a project that prohibits transactions with cash in four different forms: operations above R$ 10 thousand, payment of bank slips above R$ 5 thousand reais (and above R$ 10 thousand for non-residents in the country); circulation above R$100 thousand (except for transport by securities companies), and possession above R$300 thousand, except in specific situations.
PL 3.951/2019, by senator Flávio Arns (Podemos-PR), received a favorable opinion from the rapporteur, senator Alessandro Vieira (Cidadania-SE), with an amendment by senator Oriovisto Guimarães (Podemos-PR) which also prohibits the use of money cash in real estate transactions. According to Oriovisto, this type of operation is routinely used to hide assets of unjustified origin or launder illegally obtained money.
“The project has a clear objective of reducing the chances of money laundering and corruption”, pointed out Alessandro.
The proposal now goes to the Committee on Constitution, Justice and Citizenship (CCJ), for a final decision — from which it can be forwarded to the Chamber for analysis.
The text was formulated based on the New Measures against Corruption, authored by the Getúlio Vargas Foundation (FGV) Law professor Michael Mohallem. According to Arns, the project’s objective is to prevent crimes of laundering or hiding goods and valuables, as well as the use of economic systems for the practice of illegal activities.
In justifying the project, Arns explains that the transit of cash “facilitates the laundering of resources in corruption activities, facilitates tax evasion and, in addition, provides opportunities for crimes such as bank robberies, ATM burglaries, among others. others”.
He adds that similar measures have already been implemented by several nations, citing, for example, the United States, where financial institutions are required to report all cash transactions above $10,000 to a central supervised by the Financial Intelligence Unit (FIU). .
Similarly, Canada and Australia, exemplifies Arns, “require cash transactions of $10,000 or more to be reported. In Europe, countries such as Portugal, Italy, Greece and Belgium have implemented measures that impose the communication of transactions and establish restrictions on the use of cash”.
For Alessandro Vieira, Brazil already has equivalent legislation. This is Federal Revenue Normative Instruction 1,761, of 2017, which requires that cash transactions in transactions exceeding BRL 30,000 be reported, including as donations.
“In addition, according to Circular 3839, of 2017, of the Central Bank, customers who wish to make a cash deposit, cash withdrawal, or cash withdrawal by means of a prepaid card, in an amount equal to or greater than 50 thousand , should communicate their intention and inform data to the respective banks, which should forward such information to the Financial Intelligence Unit (UIF), formerly (Coaf) ”, he added in his report to the CAE.
Even so, according to the rapporteur, “it is urgent for the Legislative to act in order to facilitate the work of the Public Ministry and prevent various crimes from happening through the use of vast sums of money in kind”.
In Alessandro Vieira’s view, the Brazilian banking system is qualified, and among the most developed in the world, in a position to allow financial transactions to be carried out without the need to carry cash, which makes it easier for the authorities to track any movement financial. In addition, he emphasizes, “the implementation of the measures will be very low cost”.