Brazil’s Federal Police recently launched its Compliance Operation to combat cryptocurrency-related ML.
Over 150 police officers conducted 34 searches and seizes in Goiânia, Campo Grande, São Paulo, Laranjal Paulista, Recife and Vitória. The Federal Court in Goiás also issued 30 court orders to freeze current accounts and cryptocurrency portfolios.
Authorities began their investigation in 2018, identifying a hacker involved in online fraud. The fraudulent scheme involved the assurance of an increase in profits if the victims invested in cryptocurrencies. This scheme led to a significant number of bank transactions through the companies under investigation.
Source: Federal Police, Ministry of Justice and Public Security, Brazil