A partner in the Brazilian law firm Milk, Tostos, and Barros, Ricardo Tosto specializes in high-stakes litigation cases, working with Brazilian and international clients over a cross-section of expensive, highly complex cases. Tosto specializes in the area of mass litigation, having built and developed the firm’s reputation for this particular type of case.
With his background, Ricardo Tosto has clear opinions on law 13.254, enacted by the Brazilian Congress in January of 2016. His verdict: the law is a positive step forward for Brazil. Also known as the law for the repatriation of assets or regularization of assets abroad, Tosto sees the law as a necessary step in normalizing a framework for accounting for and repatriating illegal money abroad.
Citizens who knowingly stash their riches abroad are willingly committing federal crime in Brazil, and Ricardo Tosto hopes the new law will help address the situation. In addition to creating the channels necessary to bring these funds back to Brazil, the law sets reasonable fines on the repatriated funds and limits prosecution to only the most corrupt and nefarious activities. Ricardo Tosto believes that is an important distinction. If the funds are returned to Brazil, and the appropriate fines are met, limited to an additional 15% on top of income taxes, the involved parties will face no further legal proceedings.
Ricardo Tosto knows this a great win for the Brazilian legal system, but there is an additional benefit he is happy to consider. He believes this law creates a foundation for building stronger relationships with his foreign counterparts. Only through well established communication channels and the sharing of resources, will Brazil be successful in tackling the problem. The law, in Tosto’s view, will set in the motion the events and procedures to build these relationships and reign in the financial corruption problems facing Brazil. Ricardo Tosto knows this is a win not only for the Brazilian legal profession, but for the Brazilian people as well.
Learn More: br.linkedin.com/in/ricardo-tosto-9556a817