If you manage or oversee foreign investment in Brazil, you must abide by Brazilian laws.
Brazil is part of GAFI-FATF and multilateral institutions’ money laundering initiatives. It requires for any Brazilian entity with foreign participation to disclose its UBO (individuals who are ultimate beneficiary owners) through a specific and bureaucratic procedure. Last December 2018 the deadline has been pushed forward, to July 2019.
Investors who do not comply will have their invested Brazilian entities blocked from doing business and operating bank accounts, inter alia.
We have a team of specialists to advise you on these and similar requirements, as well on compliance procedures related or not to audits.
Foreign entities operating, doing business or intending to do business in Brazil need to prepare, adjust and comply with local laws to avoid adverse consequences, penalties and loss of business.