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Brazil’s Finance Professionals Get Boost in Combating Proliferation Financing

A Critical Step in Raising Awareness Against North Korea’s Tactics

SAO PAULO, BRAZIL - In a significant effort to combat proliferation financing, 19 compliance professionals from private financial institutions, central banks, and financial advisory firms came together for a two-day workshop. The event was made possible by the support of Global Affairs Canada’s Weapons Threat Reduction Program and organized by CRDF Global, a non-profit organization specializing in counterproliferation efforts.

Building Robust Compliance Programs

The workshop aimed to raise awareness of and build knowledge about North Korean tactics used to generate revenue for its WMD program through proliferation finance activities. Organized in partnership with financial risk management firm Kharon, the event came at a critical time as North Korea continues to exploit South America’s financial system to evade UN sanctions on its weapons programs.

Workshop Highlights

• Interactive tabletop exercises and case study analysis were used to help participants build an enhanced awareness of North Korean illicit financial and commercial trade.
• Participants learned about global best practices, regulatory requirements, and international legal obligations pertaining to counterproliferation sanctions-related risks.
• Experts in counterproliferation finance and due diligence at Kharon led the training program, equipping public and private sector professionals with actionable skills to address counterproliferation-related sanctions evasion and circumvention techniques.

Interactive Tabletop Exercises

Four interactive tabletop exercises were conducted, allowing participants to utilize open-source research techniques to identify red flags and devise solutions to respond to and report suspicious activities. These sessions provided a controlled environment for participants to practice implementing their knowledge gains and solidifying the thematic topics covered during the session.

Closing Remarks

Juan Pablo Valdes, Minister Counselor at Canada’s Embassy to Brazil, delivered closing remarks on the importance of sanctions-related compliance capacity-building for public and private financial institutions in Brazil. The event demonstrated the critical role of connectivity in the fight against sanctions evasion and WMD-proliferation.

“This engagement was a huge success,” said CRDF Global Project Lead Amanda Elias. “Not only did the participants come away with a strong set of actionable skills, but they also learned a lot from each other and created new relationships that could help promote further dissemination of this knowledge within the financial sector of Brazil.”