Recent banking soft-law plus direct surveillance of bank account by the Brazilian IRS

This week, the Brazilian supreme court has ruled that the Brazilian Revenue Service (Receita Federal) can have access to all Brazilian bank accounts without the need for a mandate or warrant. The decision came following the publication of a FATCA-like regulation. But, to be honest, similar provisions already existed in Brazilian law and its validity were pending the result of other lawsuits presented to the Supreme Court.



This effectively pust an end to the right of financial privacy in Brazil. The rules are valid for all bank and financial transactions over about 500 USD.



I will write a detailed report about this ruling later. I`m just anticipating this because of the link below, which mentions the publication of a compilation of Supreme Court rulings about bank and financial matters. I encourage you to read it.





Brazil: Recent banking soft-law | IFLR.com:



'via Blog this'