Lula signs decree to freeze illegal online betting funds

Brazilian President Luiz Inacio Lula da Silva has signed a major decree allowing the government to freeze the financial assets of illegal online betting platforms. Instead of sitting idle in court, the seized cash will be funneled directly into national public safety initiatives.

The measure aims to choking off the cash flow of unlicensed operators by giving authorities the power to block funds directly within the financial systems handling them, News.Az reports, citing Reuters.

The government has outlined a clear legal pipeline for the seized assets to ensure they are put to use quickly:

Frozen funds are sent directly to the Justice Ministry for an expedited legal evaluation.

Once cleared, the money is transferred into the National Public Security Fund to help combat organized crime.

The decree coincides with a strict new Finance Ministry rule that expands legal liability far beyond the betting platforms themselves. Financial institutions, tech firms, and promoters are now facing heavy consequences if they don't comply:

Banks and fintech companies will be held legally liable for unpaid taxes if they continue to process transactions for illegal platforms after a government warning.

Companies and social media influencers who advertise or promote unlicensed betting operations will also face legal accountability under the new framework.

This aggressive multi-pronged strategy signals a major escalation in Brazil's efforts to regulate its massive digital gambling market and secure its financial borders.

News.Az 

By Aysel Mammadzada