To combat money laundering, the Brazilian Federal Police are tracking cryptocurrency.


  • To combat money laundering through cryptocurrencies, the Brazilian Federal Police have executed over 30 search and seizure warrants.
  • As a result of the links to illegal behavior, a number of bank accounts and cryptocurrency wallets have been suspended.
  • Brazil recently seized over $30 million in laundered funds that had been hidden behind bitcoin exchanges.

Brazil's Federal Police force has initiated a new operation aimed at disrupting money-laundering organizations.

On Thursday, the Brazilian Federal Police issued a statement outlining its new plan to combat money laundering. More than 150 federal police officers carried out more than 30 search and seizure orders across the country as part of the probe, dubbed "Operation Compliance." The cities of Goiânia, Campo Grande, So Paulo, Laranjal Paulista, Recife, and Vitória were targeted. Since 2018, the investigation has been ongoing.

The operation served to issue more than 30 orders to block particular bank accounts and crypto wallets by a Federal Court order out of Goiás, in addition to executing the warrants. The names of those involved, as well as the overall amount of money locked up, have yet to be revealed by federal authorities.

When Operation Compliance began in 2018, Federal Police were able to identify a hacker involved in online electronic fraud. “The scheme consisted in the diversion of bank account values and the following development in profitable activity with cryptocurrencies, producing considerable bank transactions through the examined companies,” according to the Federal Police.

Brazil is a hotbed of cryptocurrency crime.

The announcement of Operation Compliance comes less than a month after Brazilian investigators recovered $33 million in finances in connection with a money-laundering operation. Authorities executed six search warrants in the city of So Paulo throughout the inquiry and arrested two suspects. In addition to the two arrests, the government froze the assets of 17 firms and seized an extra $33 million.

Investigators determined fictional organizations were being utilized to buy Bitcoin before funneling funds to offshore entities to repatriate later in the form of sales or services, prompting the warrants.

According to the police, the exchanges neglected to check the legitimacy of their clients or investigate the origins of transactions. The exchanges in question, according to investigators, all had ties to criminal organizations and the illicit market. In various nations, including the United States, the United Kingdom, and China, money laundering through cryptocurrencies has been a hot topic. The latter recently arrested over 1,000 people on suspicion of using bitcoin to launder money.

No comments:

Post a Comment

Note: only a member of this blog may post a comment.

Hot Topic

Genesis Rolldrop: Musim Rolldrop Pertama

Mainnet Dymension akan segera diluncurkan, menandai diperkenalkannya DYM, aset asli protokol Dymension. DYM memainkan peran penting dalam ek...

counter, at the bottom of the page, in a table, div or under a menu.