<b>The impacts of the implementation of internal controls, audit and compliance in combating and preventing money laundering in Brazil</b> - doi: 10.4025/enfoque.v31i3.15616

Abstract

The objective of this study is to check the impacts of the implementation of internal controls, audit and compliance in the prevention and combating money laundering in Brazil. This is a bibliographical and documentary research, descriptive and exploratory survey with analysis quantitative on procedures made and qualitative with respect to the analysis of results. It is believed that over $ 1 trillion are laundered annually by criminal organizations, and financial institutions are seen as target of this crime. Ever since, from the Law no. 9.613/98 several normative were issued by regulating agencies of the target, sectors in order to implement control mechanisms. By studying the previous cycle the arrest of the criminals that practice in money laundering, linked to evolution in the number of investigated and condemned, after the implementation of the practices of internal controls, audit and compliance requirements. It was noted that the COAF has produced since its creation nearly 6800 Financial Intelligence Report, more than 112,200 communications connected and about 51,200 people listed. Further, as a result of the effective action of COAF made after the communications of the target sectors, and more R$ 1.2 billion securities blocked by the courts, base on financial intelligence information, in 2009 and the increase in convictions in some years reached 503%. Thus, it appears that these figures indicate the impact of the implementation of internal controls, audit and compliance by the target sectors.