Aug 6. Desperate to fix a fiscal crunch threatening its investment grade credit rating, Brazil is aiming to lure back some of an estimated $150 billion in unreported assets held abroad in tax havens and secret bank accounts.
The cash-strapped government is looking to raise 10 billion reais ($3 billion) this year by offering an amnesty from prosecution to Brazilians who have unreported assets outside the country.
The bill, expected to go to a Senate vote this month, would allow beneficiaries to come clean on two conditions – that they disclose the origins of the funds and pay a 35 percent penalty.
That might, however, be too ambitious and it could backfire.
Brazil Energy Insight 
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