Brazilian federal police launched Operation Compliance last week to investigate money laundering crimes related to cryptocurrencies. As a result of the investigation, several arrest warrants were executed across the country, involving 150 federal police officers in five different cities. Operation Compliance was created as part of an investigation that, beginning in 2018, identified money laundering crimes related to cryptocurrencies on the Internet.
Brazilian Police Fight Secret Money Laundering
Brazil’s federal police were dispatched last week to investigate various sites allegedly linked to cryptocurrency money laundering operations. This followed an investigation that began in 2018. The Compliance Operation required the participation of 150 federal police officers who executed 34 search and seizure warrants in various cities in the country, including Goiânia, Campo Grande, São Paulo, Laranjal Paulista, Recife and Vitoria.
However, the Brazilian police did not limit themselves to carrying out these orders. The operation also included a federal court in Goiás that issued more than 30 orders to block bank accounts and cryptocurrency wallets. The total amount of blocked funds was not distributed by police resources.
The preliminary investigation, which began in 2018, identified the activities of a hacker who used multiple bank accounts to divert funds to cryptocurrency businesses through the bank accounts of the surveyed companies.
Cryptocurrency crime continues
Brazilian authorities were very busy identifying and pursuing crimes related to a possible cryptocurrency. Just last month, Brazilian police seized more than $ 33 million in a similar investigation into an alleged link between an unidentified pool of stocks and shell companies.
Also, earlier this month, a Brazilian federal court ordered the first sale of the seized bitcoin. The bitcoins taken from Tradergroup, the organizer of the alleged Ponzi scheme, were sold on one of the most liquid stock exchanges in the country, with the intention of returning part of the invested money to investors. However, the $ 1.1 million in bitcoins sold was not enough for all users of the platform to have a full investment.
What do you think of Brazil’s swift steps against cryptocurrency money laundering? Let us know in the comment section below.
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