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Six cryptocurrency exchanges were raided by Brazilian police in a global money laundering network bust.

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03/03/2023
Brazilian Police Raid Six Crypto Exchanges in International Money Laundering Ring Bust
Source: William F. Santos/Unsplash

Police and tax officers in Brazil have launched a main operation that has seen them raid six home crypto exchanges. They consider the platforms could also be implicated in a large worldwide crime and money laundering ring.

In a joint announcement, the Special Department of Federal Revenue of Brazil (recognized domestically because the Receita Federal, or the federal income service company) and the Federal Police Force, said that the raids came about as a part of what they’re calling “Operation Colossus.”

Officers defined that they consider some $380 million price of soiled money has been laundered by way of home crypto buying and selling platforms – and that a single “criminal organization” is behind this.

They wrote:

“The operation will combat a criminal organization dedicated to money laundering that has used an intricate system of remittances. [The organization] has sent illicit resources abroad via the purchase and sale of cryptoassets.”

The companies said that the group had made use of a network of “shell companies” and “passed funds through transit accounts” – earlier than buying “cryptoassets.”

They claimed that the money comprised “embezzled funds, drug trafficking profits, laundered money,” and the revenues of assorted “crimes against the national financial system.”

A complete of 158 officers were dispatches to addresses in São Paulo, Rio de Janeiro, Bahia, and Santa Catarina.

Crypto Exchanges Raided

The media outlet Metropoles reported that the Criminal Court of São Paulo had issued 101 court docket orders pertaining to the case, in addition to “two arrest warrants,” and 37 search-and-seize warrants.

Twenty two of those were issued to people and 15 to corporations.

Six of those search warrants were issued to crypto exchanges, though the id of the buying and selling platforms has not been revealed. An additional 4 monetary establishments which have Central Bank-issued licences for working in the international change market have additionally been searched, in addition to three accountancy corporations.

The media outlet added that the ring’s operators were allegedly “responsible for purchasing large amounts of cryptoassets abroad, in countries such as the United States, Singapore, and Hong Kong” after which promoting these tokens on the Brazilian black market.

The companies added that they believed the crime ring might have been energetic for as much as 4 years previous to the launch of Operation Colossus.

The growth comes as discuss crypto regulation begins to accentuate in Brazil – with regulators now vying for extra management over the sector.

Compiled by Coinbold

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