Brasília - On Wednesday, president Luiz Inacio Lula da Silva presented a draft bill on money laundering to the country's chief prosecutor (procurador-geral da República), Antônio Fernando de Souza, the presidents of the Chamber of Deputies, Severino Cavalcanti (PP-PE); and the Senate, Renan Calheiros (PMDB-AL); and the Chief Justice of the Supreme Court (STF), Nelson Jobim. The bill should go to Congress soon.

There are provisions in the new bill which increase the number of crimes considered "anterior" to money laundering. Among those crimes are tax fraud, cargo and bank robberies, and illegal gambling activities.

Other provisions require banks to provide more information on transactions, especially remittances abroad and cash withdrawals. People who deal with money, among them real estate and stock brokers, consultants, auditors and accountants, along with businessmen in general, for example, will have to register the financial situation of their clients.

The bill will permit states to participate in asset forfeit confiscations.

In the new bill fines for money laundering activities have gone up around ten times (the ceiling was US$82,000, now it is US$820,000).

Translator: Allen Bennett