Brazil's Lula signs decree to freeze illegal betting platform funds
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Brazil's President Luiz Inacio Lula da Silva attends the launch ceremony of a program to combat organized crime at the Planalto Palace, in Brasilia, Brazil, May 12, 2026. REUTERS/Adriano Machado
BRASILIA/SAO PAULO, June 19 (Reuters) - 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.
(Reporting by Bernardo Caram in Brasilia and Fernando Cardoso in Sao Paulo; Additional reporting by Marcela Ayres; Editing by Milla Nissi-Prussak)
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