The governments of Brazil and the Bahamas have come to an agreement regarding the offshore bank accounts of Brazilian citizens suspected of money laundering or tax evasion, it was revealed recently.
According to reports, the authorities of the two countries have agreed that in the event of suspected wrongdoing of this sort, the Brazilian authorities will place a request with the financial institution that the account be frozen, in order to make it difficult or impossible to transfer undeclared funds from the bank account. However, this provision will only remain in place for 30 days, after which documents will have to be provided to the Bahamian authorities in order to justify the continued freezing of the funds.
Although the foundations of the agreement have been laid, the terms still need to be approved by the Brazilian Congress. However, the government anticipates no problems, and announced recently that it expects the agreement to come into effect in six months' time. Similar initiatives with other offshore jurisdictions such as the Cayman Islands, Jersey, BVI, Andorra, and Liechtenstein are said to be under consideration.
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