Coaf, Anti-Money Laundering Agency, Remains with Haddad During New Government's Term

Coaf, Anti-Money Laundering Agency, Remains with Haddad During New Government’s Term

Written by Bruno Teles

Published on 17/01/2023 at 18:38

Órgão que combate lavagem de dinheiro (Foto/divulgação)

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The COAF (Financial Activities Control Board), an agency that combats money laundering, is under Haddad, also being responsible for uncovering and combating corruption.

In 2018, the current Minister of Finance, Fernando Haddad, criticized the COAF for its transfer to the Ministry of Justice, then headed by former judge and current senator Sérgio Moro (União-PR), and, therefore, now in the Lula government, the agency that combats money laundering is under Haddad.

Referring to Moro, Haddad said that the COAF should not follow “politicians’ dictates.” Later, still during the Bolsonaro government, the remnants were transferred to the Central Bank. The controversy arose on social media when the news of the COAF’s return to the Treasury emerged while Haddad was a politician. Moro also challenged Haddad online. Haddad responded that the COAF always belonged to the Treasury and has just returned to its rightful place.

What Is the Importance of the Agency That Combats Money Laundering Being with Haddad?

The agency analyzes atypical movements in the financial system and generates reports. These documents can aid in investigations of money laundering and corruption. For specialists, the agencies are not at risk in the Treasury. The COAF has its own leadership and does not need ministerial approval to analyze the material.

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Adrienne Sena Jobim, president of the COAF from 1998 to 2001, said that initially it was thought that the agency would be in the Treasury, where the ministry’s staff were career employees, with few serving on committees and generally in positions without decision-making power. Former Minister of Finance Maílson da Nóbrega believes that the decision to replace the agency from the Ministry of Finance was the right one.

According to him, the environment is conducive to strategic discussions, such as expanding the financial market’s role in providing information. For Fábio Terra, an economics professor at UFABC (Federal University of ABC), a public finance expert, and a Central Bank specialist, the change is appropriate, since the structure of the Ministry of Finance includes the Federal Revenue Service, which has expertise in analyzing and auditing financial transactions. Sergio Moro believes that potential risks are always present, “that does not mean it will become a reality.”

Coaf, Anti-Money Laundering Agency, Remains with Haddad During New Government’s Term

The COAF (Financial Activities Control Board), an agency that combats money laundering, is under Haddad, also being responsible for uncovering and combating corruption.

What Is the Importance of the Agency That Combats Money Laundering Being with Haddad?

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What Is the Importance of the Agency That Combats Money Laundering Being with Haddad?

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