New Law Provides For COAF's New Structure

Author:Koury Lopes Advogados
Profession:Koury Lopes Advogados

Earlier last week the Brazilian government enacted Law n. 13.974/2020 which provides for the restructuring of the Financial Activities Control Council - COAF, with significant changes in relation to those provided by the Provisional Measure n. 893 which was issued by the government in August 2019.

The new law changed back the COAF's name, which had previously been changed to Financial Intelligence Unit - UIF, by the Provisional Measure.

The law also amended COAF's organizational structure, which previously was composed of 11 Councilors, a President and an Executive Secretary. In the Provisional Measure n. 893, the UIF would be pided in an Advisory Council, composed of the President and 08 to 14 Councilors, and Administrative Technical Staff, composed of Executive Secretary and Specialized Boards. The new law creates a different organizational structure with Presidency; Plenary, composed of COAF's President and 12 effective public officials, and Technical Staff, now composed of Executive Office, Executive Secretary and Specialized Boards...

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