May / 2018
As of August 7, 2018, individuals and legal entities that promote, intermediate, commercialize or negotiate transfer rights of athletes or artists will be subject to new procedures, in order to prevent money laundering and terrorism financing, in accordance with Resolution 30 of COAF (Council for the Control of Financial Activities).
According to the Resolution, it will be necessary to keep records identifying clients and those involved in their operations, including representatives and prosecutors.
Any transaction involving an amount equal to or greater than R $ 30,000.00 (thirty thousand reais) or equivalent in another currency and other situations designated in the act of the COAF President shall be communicated through e-mail address.
In addition, COAF will have to be informed of any operations which considering the parties, values, method of execution and means and form of payment, or the lack of economic or legal grounds, may be considerate as an indication of the crimes mentioned above.
In order to identify the operations mentioned, the Subjects must carry out their own registration in COAF Sistem (Siscoaf) within 90 (ninety) days of the conclusion of the operation and must be held for at least five (5) years.
Finally, those who fail to comply with the new rules and procedures of COAF are subject to the sanctions provided in art. 12 of Law 9.613/1998 (Money Laundering Crimes).
Vernalha, Di Lascio, Mesquita & Associates is at the disposal of its clients for more information on the subject.