The National Mining Agency (ANM) has regulated how miners that manufacture precious stones and metals should comply with the duties of money laundering prevention.
On February 27, 2023, the National Mining Agency (ANM) regulated articles 10 and 11 of Law No. 9613/98 with the publication of Resolution No. 129, whose purpose is to regulate the form of compliance with the duties for the Prevention and Combat of Money Laundering and Terrorism Financing, as well as the Proliferation of Weapons of Mass Destruction (PLD/FTP), which must be observed by individuals or legal entities holding authorizing titles. In general terms, the resolution sets forth obligations to
(i) establish and implement a policy to prevent money laundering and the financing of terrorism;
(ii) adopt procedures to identify clients and other parties involved so as to verify the authenticity of identity;
(iii) keep record of all transactions involving the trading of precious stones and metals;
(iv) implement procedures for the monitoring, selection, and analysis of transactions and situations with the purpose of identifying and paying special attention to suspected money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction;
(v) inform the Council of Financial Activities Control (Coaf) of any suspicious transactions, proposed transactions, or situations;
(vi) implement and keep procedures destined to know employees, outsourced service providers, and collaborators in general, as well as relevant partners within business models, cooperative members, as well as any partners of the Mining Permit (PLG) holder;
(vii) implement and keep a policy formulated with the purpose of assuring compliance with the PLD/FTP duties set forth in articles 10 and 11 of Law No. 9,613 of 1998;
(viii) have a business control and corporate governance structure compatible with the size and volume of transactions, proportional to the risks of PLD/FTP related to company activities, in order to ensure compliance with PLD/FTP policies, as well as with the related procedures and internal controls; (ix) keep records of clients, transactions, documents, and manuals referred to in this Resolution for at least ten years.
The scope of the Resolution is to bring new instruments to enable the ANM and other oversight bodies to exercise effective control in combating the laundering of precious stones and metals, so as to prevent illicit activities in the mining sector. ANM Resolution No. 129 came into force on March 29, 2023.
