Brazilian financial intelligence unit moves from central bank

National Congress of Brazil
National Congress of Brazil
Photo: Eurico Zimbres/Wikimedia Commons

The new president of Brazil, Luiz Inácio Lula da Silva, has transferred the country’s financial intelligence unit from the central bank to the finance ministry.

The Council for the Control of Financial Activities (Coaf) receives and analyses reports on possible financial crimes, passing them on to law enforcement and other agencies, but does not prosecute cases itself. It received nearly 1.2 million reports of unusual activity in 2021.

The move does not change the unit’s powers and duties

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