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Brazilian Attorney

Ricardo Tosto Opines On The New Resources Repatriation Laws

Ricardo Tosto has broad experience in the legal field. He is a founding partner at Leite, Tosto, and Barros. Ricardo has successfully represented clients in various suits across legal categories. He is a force in banking legal representation. In one of his notable recent suits he successfully defended a Swiss client who had been accused of money laundering. He has recommended the passing of the resource repatriation law that has enabled the legal fraternity to follow up on Brazilian resources tucked away in foreign countries.

The Resource Repatriation Law

The law was finally approved by Congress after a series of debates that aw the reviewing of the income tax rate charges. The income tax based on the exchange rate was reduced from 17.5 % to 15%. The fine was also cut down from 17.5% to 15%. The review rates were tabled by Mr. Manoel Junior, the rapporteur of the text and agreed on. Tosto further explained that the exchange rate in 2014 was about R $ 2.65.

Amnesty Possibilities

According to Ricardo Tosto, the new law gives an allowance for amnesty to offenders. He observes that there is a possibility of the offenders being acquitted of such crimes as money laundering, tax evasion, and misconduct. He says such possibilities are provided for in law number 13.254. Tradition demands that it is only the serious crimes that prohibit amnesty. According to the Leite, Tosto, and Barros, a partnership between Brazilian lawyers and international lawyers is useful in the war against corruption, money laundering and the hiding of illegally acquired assets in foreign countries. Such cooperation, he says will help track the individuals that are hiding assets in foreign countries. He further adds that the regularization of assets held abroad is mandatory if the war against the offense is to be won. In short, the lawyer says that tucking money away in foreign countries is a crime; if the Brazilian tax authorities do not know about it. He says that the law is a chance to regulate the illegal money held outside of Brazil. Cooperation between the legal fraternities, Ricardo Tosto says, is a chance to seal the gaps and make it harder for the perpetrators to continue with their schemes.

About Ricardo Tosto:

Brazilian Attorney Bruno Fagali wins Ethics Award

Bruno Fagali is a Brazilian attorney specializing in ethics and compliance issues. He graduated with his LLB degree from the Pontifical Catholic University of Sao Paulo and holds a post-graduate diploma in Administrative Law from the Getulio Vargas Foundation, one of Brazil’s top higher education institutions in government and policy. Throughout his career, Bruno Fagali has been concerned with ethics and anti-corruption measures in the public sphere, including government contracts, regulatory laws, and government liability.

Bruno Fagali is currently Head of Compliance for Nova/SB, an advertising agency specializing in public interest communication. He is a member of the IBDEE, the Brazilian Institute of Law and Business Ethics as well as the Society of Corporate Compliance and Ethics. In recognition of his dedication to the public interest, Bruno Fagali and his advertising firm were awarded the Pró-Ética Award, which recognizes and fosters excellence in the compliance field.

According to Bruno Fagali, one of the biggest challenges that the firm faced was the sheer amount of paperwork the Government Accounting Office required. The attorney had to answer an endless list of questions in a detailed fashion. According to Fagali, most business do not have that level of awareness or record-keeping when it comes to their compliance programs.

For Bruno Fagali, compliance isn’t a box that needs to be checked, but an important component of success in business. He believes that social responsibility is fast becoming one of the major metrics that consumers use in making their decisions, and companies that do not heed the message will suffer the consequences.