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Brazil orders financial institutions to freeze illegal betting funds

Regulation

Brazilian President Luiz Inácio Lula da Silva signed a decree requiring financial institutions to freeze funds linked to illegal betting operators, the government announced on 19 June. The blocked money is to go to the National Public Security Fund; institutions must confirm the administrative freeze within 48 hours. The SPA and Receita Federal will identify suspected irregularities, while the Central Bank monitors compliance.

Operators and payment providers face immediate account freezes when authorities identify funds linked to illegal betting.

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