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National Mining Agency creates strict rules to prevent money laundering and terrorist financing in Brazilian mining

Written by Bruno Teles
Published 10/03/2023 às 15:50
National Mining Agency
National Mining Agency (photo/disclosure)

On February 27, the National Mining Agency (“ANM”) released Resolution No. 129, of February 23, 2023 (“ANM Resolution No. 129/2023).

The following obligations: Miners of precious stones and metals in the fight against money laundering and Financing of the terrorism and proliferation of destructive weapons Quality (PLD/FTP). The National Mining Agency Resolution No. 129/2023 establishes that miners must implement and maintain an updated policy to prevent money laundry.

The money and financing of terrorism and the proliferation of weapons of mass destruction must be disclosed to employees, collaborators, outsourced service providers and partners (all companies licensed by the holder of mining rights to mine gold, and who agree with the participation and the result of the extraction).

Operations, proposed operations or circumstances incompatible with commercial market practice, or even payments or operations incompatible with commercial market practice, must be communicated to the Financial Activities Control Committee (“COAF”) until the following business days.

On the other hand, the same operation or set of operations exceed the value of reais in a month 50.000,00, or its equivalent in another currency, in cash, upon analysis or any other considerations.

Notification of non-occurrence will also be mandatory for miners, during the calendar year the transaction or transaction proposal is subject to COAF, at which time they must submit a declaration to the ANM by January 31 of the following year.

In addition to the known indications of other PLD/FTP rules, ANM Resolution 129/2023 exemplifies that where there is evidence of money laundering, terrorism and proliferation of weapons of mass destruction, those carried out in cities located in mining areas of minerals considered risky in the practice of disagreeing with current legislation.

It is also important to highlight that stone and metal miners must keep records of clients and transactions, documents and manuals referred to in ANM Resolution 129/2023 for at least 10 years from the date of operation or closing of a Contractual Relationship with the Client.

What is the role of the National Mining Agency?

In 2017, law no. 13.575 created the National Mining Agency – ANM, a regulatory agency linked to the Ministry of Mines and Energy. Its responsibility is the supervision and regulation of mining activities in the country, especially with regard to the exploration and management of mineral resources belonging to the Union.

Its role is closely related to the development of indirect State intervention in certain economic activities. In this way, we can say that regulators are State intervention instruments, responsible for the contractual balance between public authorities, private service providers and their users/consumers.

REGULATOR'S TALK - WITH ANM SUPERINTENDENT DANIEL POLLACK

via Synagencies

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Bruno Teles

I talk about technology, innovation, oil and gas. I update daily about opportunities in the Brazilian market. With more than 2.300 articles published in CPG. Agenda suggestion? Send it to brunotelesredator@gmail.com

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