Rules against money laundering, illegal mining in Brazil revamped

Brazil’s mining agency ANM approved new rules to combat money laundering schemes involving gems, gold, and other precious metals on Wednesday afternoon (Feb. 22).

“The norms come as a result of the joint efforts from the agency and the institutions taking part in the national push against corruption and money laundering […], targeting illegal mining and the crimes associated with it,” said ANM Director-General Mauro Sousa.

The regulations provide major tools for controlling mining activities. One of them stipulates that mining companies must keep organized client records, including all operations carried out in ten years. Miners are also expected to report any suspicious operations that could be classified as money laundering.

Medium and large companies—with revenues above BRL 16.8 million last year—must fulfill their duties against money laundering, terrorism, and the proliferation of weapons of mass destruction in actions compatible with their size, volume of operations, and risks. 

“Companies must train employees, carry out regular compliance checks, monitor the purpose and nature of business ties, review and validate registration data, etc,” the text reads.

Efforts combined

The norms approved Wednesday (Feb. 22) are part of the authority’s many ongoing projects against illegal mining.

Another resolution, in effect since October 2022, requires all first acquirers of mineral assets to be registered in an official database.

Technical cooperation deals have also been inked with the Federal Police on inspection and law enforcement.

The watchdog should also receive monthly economic and compliance reports about all ore purchases and sale operations conducted in the country.