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Investigation

 

Unanimous decision allows the Public Ethics Commission to investigate offshore allegations abroad involving the president of the Central Bank, Roberto Campos Neto.

From the Editors

 

Thursday, August 8, 2024

 

The 1st panel of the TRF of the 1st region decided, unanimously, to authorize the resumption of the investigation against Roberto Campos Neto , president of the Central Bank, for maintaining offshore accounts abroad.

 

The decision, issued on Wednesday, the 7th, revokes an injunction previously obtained by Campos Neto, which suspended the proceedings at the Public Ethics Commission of the Presidency of the Republic. The case was analyzed by magistrates Gustavo Soares Amorim, Marcelo Gonzaga, who make up the 1st panel of the TRF-1.

 

The case involves allegations that Campos Neto owns an offshore company, which were revealed during the Pandora Papers investigation. These documents, leaked by the International Consortium of Investigative Journalists (ICIJ), contain information about possible accounts in tax havens.

 

What is offshore?

 

An offshore company is a financial entity, such as a company or bank account, established in a country other than the owner's country of residence, usually in jurisdictions with favorable tax and legal regulations, known as tax havens. These structures are used to reduce taxes, ensure privacy, protect assets and facilitate international transactions, although they can also be associated with illegal practices such as tax evasion and money laundering.

 

Campos Neto will be investigated for accounts in tax havens and profits from the rate. (Image: Fernanda Palacio/BC)

The investigation was initiated by the Ethics Committee in 2019, but remained at a standstill until last year. 

 

In December 2021, the PGR closed the investigation into Campos Neto, concluding that there was no illegality in his actions. The PGR stated that Campos Neto had declared to the Brazilian authorities the existence of the offshore company and the associated bank account.

 

With the inauguration of President Lula, the investigation was resumed with the appointment of five new members to the commission.

 

In 2023, Campos Neto obtained an injunction to prevent the committee from continuing its trial, claiming that opening disciplinary proceedings violated the Central Bank's administrative autonomy. However, the AGU, representing the government, requested that the injunction be suspended, arguing that the ethics committee has the authority to assess conflicts of interest and possible irregularities.

 

The AGU stressed that the legislation does not grant absolute immunity to the president of the Central Bank in ethical matters and that the rules on the Ethics Management System of the Federal Executive Branch and conflicts of interest remain applicable.

 

 link: https://www.migalhas.com.br/quentes/412916/trf-1-derruba-liminar-e-campos-neto-sera-investigado-por-offshore