Brazil has set new procedures to restrict the use of the financial system by unauthorized fixed-odds betting operators, combining account-blocking rules with potential joint tax liability for institutions that continue to process related transactions.
The Ministry of Finance in Brazil recently issued Ordinance No. 17.66 on June 17, aiming to regulate joint and several tax liability for entities involved in processing transactions for unauthorized betting operators. The new measures are designed to prevent unauthorized operators from accessing the financial system and strengthen control over such activities.
By implementing these rules, Brazil is taking significant steps to crack down on illegal betting activities and ensure that financial institutions comply with the regulations to curb unauthorized gambling operations within the country.
