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Provisional Measure transforms Coaf into the Financial Intelligence Unit linked to the Central Bank

Public administration

According to the MP, it is up to the president of the Central Bank to appoint the president and advisers of the FIU

The Provisional Measure No. 893 , published on Tuesday (20/8) in the Official Gazette, became the Council for Financial Activities Control (COAF) in the Financial Intelligence Unit (FIU), linked administratively body the Central Bank and endowed of technical and operational autonomy.

This is a measure proposed by the Ministry of Economy and the Central Bank within a broad project for the institutional improvement of the Brazilian regulatory system. In accordance with the MP, it is incumbent upon the president of the Central Bank to appoint the president and advisers of the FIU.

The Central Bank will be responsible for approving the governance structure of the new agency, in line with international recommendations and best practices. The autonomy of the Central Bank, which is under discussion in the National Congress, supports the technical and operational autonomy of the FIU, ensuring the focus of its performance on the ability to produce financial intelligence, based on technical and objective criteria.

Source: Central Bank