The bill will double the fines for those convicted of money laundering via crypto, as well as a harsher prison sentence.
from Brazil Câmara dos Deputados (Special Committee of the Chamber of Deputies) has approved a bill aimed at cracking down on cryptocurrency-related crimes. The bill will focus specifically on individuals or groups who use cryptocurrency to launder money in Brazil.
Bill 2303/15, an update on MP Expedito Netto (PSD-RO), will see penalties for money laundering drop from 33% to 66%. This means that those caught washing money via crypto will have to return ⅔ of their funds instead of ⅓ as the previous law was. The update also extends the prison terms that offenders may face. The penalty for money laundering is currently three to ten years with the fine. The updated rules bring the minimum to four years and the maximum to 116 years and eight months. According to the announcement, “the proposal has not yet been analyzed by the plenary of the House”.
The bill describes what a virtual asset is, specifying them as “a virtual asset as a digital representation of value that can be exchanged or transferred by electronic means and used to make payments or for the purpose of investment”. However, the bill expressly omits national and foreign currencies, electronic money provided for by law, loyalty programs or reward points, and securities and financial assets provided for by laws or regulations.
A victory for regulators in Brazil
MP Aureo Riberio (SSolidariedade-RJ), who wrote PL 2303/15, said in a statement that “in my state over 300,000 people have been harmed by a financial pyramid made with cryptocurrency” , referring to Cabo Frio. He adds that the report was designed to ensure that Brazil becomes a place that crypto investors want to examine and not allow criminals to go unpunished. “The market will grow and adapt to Brazil. There will be no more profiteers using technology to deceive millions of Brazilians, ”Riberio promised.
MP Luis Miranda (DEM-DF) added that he hopes the bill will help generate revenue for the government through asset foreclosures and “this is a report to use as an example in other countries. “.
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