Brazil's Lula signs decree to freeze illegal betting platform funds

Brazil's Lula signs decree to freeze illegal betting platform funds BRASILIA/SAO PAULO, June 19 : Brazilian President Luiz Inacio Lula da Silva has signed a decree allowing the government to freeze funds from companies operating illegal online betting platforms, with the money to be directed to public security actions, he said in a social media post on Friday. • In a video included in the post, Finance Minister Dario Durigan said next to Lula that frozen funds would be sent to the Justice Ministry for legal review before being directed to the National Public Security Fund. • "The decree will make it more effective to block funds from illegal betting firms at financial institutions that receive and handle these resources," Durigan said. • A new Finance Ministry rule, published on Thursday, also made banks and fintechs liable for unpaid taxes if they allow transactions from these platforms after being notified by the government. • Companies and individuals advertising illegal betting platforms also become responsible under the same rule.