Public prosecutors throughout Latin America are discussing the possibility of using a Blockchain-based instrument to fight corruption

Prosecutors from several countries jointly examine the possible use of the Blockchain in the fight against corruption

Public prosecutors throughout Latin America are discussing the possibility of using a Blockchain-based instrument to fight corruption.

According to a document obtained by Cointelegraph Brazil, discussions on the use of the DLT are taking place within the „Ibero-American Network of Anti-Corruption Prosecutors“.

The Network is made up of prosecutors from Ibero-American countries and is a non-profit organisation within the framework of Aiamp.

It is also supported by the European Union Programme for Social Cohesion in Latin America (Eurosocial+).

Aiamp includes: Andorra, Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, El Salvador, Ecuador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Portugal, Spain and Uruguay.

Meeting of Prosecutors

Thus, during the last meeting of the group, coordinated by the Federal Public Prosecutor’s Office of Brazil (MPF) through the Secretariat of International Cooperation (SCI), it was discussed, among other points, how the Blockchain technology can be used to fight corruption.

„Another type of innovation that contributes to the control of financial practices is the identification of international market transactions, guaranteed by the Blockchain technology, whose method of monitoring monetary flows favours a broad and coherent system of cooperation, increasing trust between the parties,“ highlights the meeting document to which Cointelegraph Brazil had access.

In addition, the partnership was presented with a diagnosis based on the responses of the various countries to the survey questionnaire.

It was concluded that each nation has a nomenclature for the tool, but they use it for the same purpose. In addition, they identified that there are different conditions, budgets and incentives.

In view of this, the Network has decided to continue working with a small group of countries to produce a final report with a more concrete roadmap outlining the criminal policy and legislative changes needed in the Aiamp countries.

„In addition to the normal routine of customer due diligence, the identification of the beneficial owner and of politically exposed persons by financial and co-companied institutions are measures defined by international anti-money laundering and anti-terrorism standards, within the scope of the Gafi. Thus, the knowledge of the laws and practices of the countries, as, for example, the different Public Ministries obtain this information, will help in the enrichment of the international legal cooperation and, consequently, in the verification of the transnational crimes“, highlighted the Deputy Secretary of International Cooperation of the MPF, Anamara Osório.