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Brazil central bank to streamline forex regulations

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Brazil central bank to streamline forex regulations

Banco Central do Brasil is studying ways to change the country's foreign exchange regulations to facilitate market operations without eliminating mechanisms to prevent criminal activities, such as money laundering, Valor Econômico reported.

Otávio Damaso, director of regulation at the central bank, reportedly said the main objective of the proposal is to improve the market's business environment.

Speaking at an event in São Paulo, Damaso reportedly said regulators faced the challenge of removing the stigma of "criminalization" of the foreign currency market. "In many countries transactions are carried out with much less bureaucracy than here," the central bank official added, and noted any regulatory changes would not mean eliminating anti-money laundering frameworks.

The central bank will reportedly study how to carry the proposals into a new legislation but will first hold talks with other government agencies that work within the foreign exchange market, such as Brazil's federal revenue service and the Public Prosecutor's Office, the publication reported.