Resolution No. 8 of September 15, 1999 - Revoked

Published on 17/09/2020 14:37 Modified on 16/12/2020 15:35

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Provides for the procedures to be observed by individuals or legal entities that trade in art and antiques - Revoked by Resolution No. 28

The President of the Financial Activities Control Council – COAF, using the attribution conferred by item IV of art. 9 of the Statute approved by Decree No. 2,799, of October 8, 1998, makes it public that the Plenary of the Council, in a session held on September 14, 1999, based on § 1 of art. 14 of Law No. 9,613, of March 3, 1998, resolved:

Section I
Preliminary Provisions

Art. 1º With the objective of preventing and combating the crimes of "money laundering" or concealment of assets, rights, and values, as established in Law No. 9,613, of March 3, 1998, and Decree No. 2,799, of October 8, 1998, individuals or legal entities that trade in art and antiques shall observe the provisions contained in this Resolution.

Sole Paragraph. The provisions of this Resolution apply to individuals or legal entities that trade, import, or export, intermediate the purchase or sale of art and antiques, on a permanent or occasional basis, as a main or ancillary activity, cumulatively or not.

Section II
Client Identification and Maintenance of Registers

Art. 2º The persons mentioned in art. 1 shall identify their clients and maintain a register, in accordance with this Resolution.

Art. 3º The register shall contain, at a minimum, the following client information:

I – if an individual:

a) name;

b) full address (street, complement, neighborhood, city, state, ZIP code), phone;

c) identification document number, issuing authority name, and date of issuance, or passport or civil ID data, if foreign; and

d) Individual Taxpayer Registry number – CPF;

II – if a legal entity:

a) corporate name or trade name;

b) National Legal Entity Registry number – CNPJ;

c) full address (street, complement, neighborhood, city, state, ZIP code), phone;

d) main activity developed; and

e) name of controlling, controlled, or affiliated companies.

Section III
Transaction Records

Art. 4º The persons mentioned in art. 1 shall maintain a record of every transaction that exceeds a value equivalent to R$ 5,000.00 (five thousand reais).

Art. 5º The record shall contain, at a minimum, the following information:

I – detailed description of each item;

II – transaction value;

III – payment method (cash, check, credit card, financing, etc.); and

IV – date of the transaction.

Sole Paragraph. Operations that, carried out by the same individual or legal entity, conglomerate, or group, in the same calendar month, at the same establishment, exceed in their entirety the limit established in the previous article, shall also be recorded.

Section IV
Suspicious Operations

Art. 6º The persons mentioned in art. 1 shall pay special attention to operations or proposals that, in accordance with the Annex to this Resolution, may constitute serious indications of the crimes provided for in Law No. 9,613, of 1998, or be related to them.

Section V
Communications to COAF

Art. 7º The persons mentioned in art. 1 shall communicate to COAF, within twenty-four hours, abstaining from informing the clients of such act, the proposal or the realization of transactions provided for in art. 6.

Art. 8º Communications to COAF, made in good faith, as provided for in § 2 of art. 11 of Law No. 9,613, of 1998, shall not entail civil or administrative liability.

Art. 9º The information mentioned in art. 7 may be forwarded through an electronic process, observing the provisions contained in COAF Normative Instruction No. 1, of July 26, 1999.

Section VI
General and Final Provisions

Art. 10. The registers and records provided for in this Resolution shall be kept by the persons mentioned in art. 1 for a minimum period of five years, from the conclusion of the transaction.

Art. 11. The persons mentioned in art. 1 shall comply, at any time, with information requests made by COAF regarding their clients and transactions.

Art. 12. To the legal entities mentioned in art. 1, as well as to their administrators, who fail to comply with the obligations of this Resolution, the sanctions provided for in art. 12 of Law No. 9,613, of 1998, in the manner provided for in Decree No. 2,799, of 1998, and in the Ordinance of the Minister of State for Finance No. 330, of December 18, 1998, shall be applied, cumulatively or not, by COAF.

Art. 13. The Presidency of the Council is authorized to issue complementary instructions to this Resolution.

Art. 14. This Resolution enters into force on the date of its publication, producing effects from October 18, 1999.

Brasília, September 15, 1999

Adrienne Giannetti Nelson de Senna

Annex
List of suspicious operations

1. Use of a value equal to or greater than R$ 10,000.00 (ten thousand reais), in cash, in transactions subject to this Resolution.

2. Repeated operations in a value close to the limit established for recording or for communication to COAF.

3. Operation in which the proponent is not willing to comply with registration requirements or attempts to induce those responsible for registration not to keep records in a file that can reconstruct the agreed operation.

4. Persons without a track record in the market moving large amounts in the purchase and sale of assets subject to this Resolution.

5. Operation in which the proponent does not appear to have financial conditions for its realization, configuring the possibility of being a "straw man" or "front," as people who lend their names for shady operations are usually known.

6. Operation in which payment is proposed through the transfer of funds between accounts abroad.

7. Proposal of over-invoicing or under-invoicing in transactions with the assets subject to this Resolution.

8. Other operations that, due to their characteristics, with respect to involved parties, values, method of realization, instruments used, or due to the lack of economic or legal basis, may configure the hypothesis of crimes provided for in Law No. 9,613, of March 3, 1998, or be related to them.