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Brazilian Federal Police Launches a Nationwide Operation Against Money laundering Linked to Bitcoin Planet Cryptocurrency

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Brazilian federal police launched Operation Compliance, an investigation into cryptocurrency-related money laundering crimes last week. The investigation resulted with the execution of several seize warrants across Brazil. This involved 150 federal police officers from five different cities. Operation Compliance was born out of an investigation that identified cryptocurrency-related money laundering crimes on the internet as of 2018.

Brazilian police fight against crypto money laundering

The Brazilian Federal Police were last week to examine several locations that have allegedly been linked to cryptocurrency-related money laundering operations. This follows an investigation that began in 2018. Operation Compliance required the involvement of 150 federal police officers, who executed 34 search and seizure warrants in several cities across the country, including Goiânia, Campo Grande, São Paulo, Laranjal Paulista, Recife and Vitória.

These warrants were not the only ones that the Brazilian police executed. The operation also included the issuance of more than 30 blocking orders for bank accounts and cryptocurrency wallets by a federal court in Goiás. Law enforcement sources did not share the total amount blocked funds.

The preliminary investigation began in 2018 and revealed that a hacker used different bank accounts to embezzle funds from cryptocurrency companies. These funds were then channeled through the accounts of the companies being investigated.

Cryptocurrency crime prosecuted

Brazilian authorities have been very busy when it comes to identifying and prosecuting possible cryptocurrency-related crimes. Brazilian police took more than $ 33 Million in a similar investigation last month that looked into the alleged link between an anonymous trading group, shell companies, and cryptocurrency-related crimes.

A Brazilian federal court ordered the first sale of seized Bitcoin earlier this month. The bitcoins were allegedly seized from the Tradergroup Ponzi scheme and were sold on one the most liquid exchanges in Brazil to reimburse investors for some of their investment. The $ 1.1 million in bitcoins sold was not enough for all platform users to receive the full amount of their investment.

What do you think of Brazil’s swift action against cryptocurrency-related money laundering? Comment below.

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