The Minister of Finance, Fernando Haddad, said this Monday (19) that he presented a proposal to the government for the Central Bank to start monitoring investment funds in the country. Currently, this is the responsibility of the Securities and Exchange Commission (CVM).
“I presented a proposal, which is being discussed within the Executive, to expand the regulatory perimeter of the Central Bank. There are many things that should be within the scope of the Central Bank and which are within the scope of the CVM, in my opinion, wrongly”, he said, in an interview this morning with program UOL News.
For the minister, this change should occur because, in his view, “there is a very large intersection between funds and finances”, which could have impacts on public accounts.
“This even has an impact on public accounting, for example. The remunerated account, the committed accounts, all of this is related to public accounting”, he said, highlighting that this inspection by the Central Bank already takes place in other developed countries.
“I understand that it would even be a very good response at this time for us to expand the power of supervision over funds by the Central Bank because it is in one place. Everything is supervised and regulated in one place, which is more or less the design of central banks in the developed world.”
Recent operations carried out by the Federal Police have shown that some investment funds may be used in fraud in the country. One such example is the case involving the Banco Master and Reag Investimentos funds.
Last week, the Central Bank announced the liquidation of Reag Investimentostoday CBSF Distribuidora de Títulos e Valores Mobiliários SA The institution is suspected of managing fraudulent funds linked to Banco Master. The scheme would work through a financial circle of deposits and withdrawals by several of these funds, with the aim of hiding the final beneficiary of the money. According to investigations, fraud could exceed R$11 billion.
Compliments
During today’s interview, the minister praised the current president of the Central Bank, Gabriel Galípolo, saying he did not regret having suggested his name to fill the role. Haddad highlighted that Galípolo has been acting “with great competence” in the case of Banco Master and in other problems that he inherited from previous administrations.
“He [Galípolo] inherited a problem which is Banco Master, all of which was created under the previous administration. Banco Master did not happen under the current administration, Galípolo peeled a pineapple. And he peeled the pineapple responsibly”, said the minister. “He inherited a large pineapple, but, in my opinion, he is resolving this with great competence”, he added.
