Senate approves stricter bill against money laundering.

Agência Brasil - The Senate voted yesterday (5) on a bill that modernizes the Money Laundering Law. The substitute bill from the Chamber of Deputies was unanimously approved by the senators present.

The approved text considers the possibility of money laundering for any funds originating from illicit activity. Currently, money laundering is only considered in specific cases such as drug trafficking and smuggling. Furthermore, according to the bill, the defendant no longer needs to be convicted of the crime that generated the illicit funds for the Judiciary to accept a money laundering charge.

To prevent the deterioration of assets resulting from money laundering, the approved text also stipulates that they can be auctioned off quickly, avoiding losses to public funds. The money resulting from the sale of these assets, however, remains in an escrow account and can be returned to the defendant if they are acquitted.

The proposed law also modifies the treatment of so-called "straw men." According to the text, their assets can also be confiscated if the Judiciary determines there is sufficient evidence that they are the proceeds of money laundering. The rule applies to relatives and other individuals involved with the defendants.

The project further expands the scope of action for authorities to curb this type of crime. It stipulates that companies, especially those selling luxury goods, are required to report suspicious transactions that may indicate money laundering. The fine for those who fail to comply increases from R$ 200 to R$ 20 million.

The bill originated in the Senate and was replaced in the Chamber of Deputies. Now, approved by the reviewing chamber, the matter goes to the president for sanction to become law. President Dilma Rousseff has up to 15 business days to veto or sanction the text.