As a seasoned researcher with a focus on financial crime and cryptocurrencies, I find myself both fascinated and alarmed by the ongoing developments in Brazil. The recent takedown of another major money laundering operation involving cryptocurrencies by the Primeiro Comando da Capital is yet another stark reminder of the dark side of this digital frontier.
Law enforcement agencies in São Paulo, Brazil, have dismantled an illicit money laundering scheme involving cryptocurrencies, orchestrated by the Primeiro Comando da Capital, a well-known criminal drug organization.
Based on CNN’s report, it is alleged that the PCC gang ran a cryptocurrency platform used for laundering over 88.6 million US Dollars, which is roughly equivalent to around 500 million Brazilian Real.
As a crypto investor, I recently learned that the company I’m involved with was registered under the name of a 23-year-old individual, who remains unnamed in public reports but is said to be the daughter of a city council contender in Mogi das Cruzes.
During the raid, 55 million reais worth of checks were also seized from the company’s headquarters.
Additionally, the report stated that illicit funds transferred through cryptocurrencies could potentially support criminal activities during the 2024 local elections.
As of now, the authorities have arrested 13 individuals linked to the scheme.
In Brazil, cryptocurrencies have often served as a means for criminal activities and gangs. Just recently, the Brazilian Federal Police managed to take down a massive cryptocurrency-based money laundering scheme worth approximately 10.5 billion reais (around $2.6 billion USD).
In June 2023, the Brazilian Federal Revenue’s Special Unit conducted raids on six regional cryptocurrency trading platforms, which were accused of laundering approximately $380 million through illicit funds.
In the latter part of that year, a person residing in the UK was scrutinized for laundering illicit drug money through Binance, a cryptocurrency exchange, by employing digital currencies. The funds were allegedly tied to Sérgio Roberto de Carvalho, a notorious figure on Interpol’s most-wanted list, who is frequently compared to Pablo Escobar of Brazil.
Based on a 2023 study, this behavior has been spotted in numerous criminal groups throughout Latin America, going beyond just Brazil. This includes infamous organizations such as the Sinaloa Cartel from Mexico and the MS-13 based in Central America.
Despite concerns about cryptocurrency being used for illegal activities, there’s been a significant 30% increase in crypto trading within Brazil during 2024. Moreover, it’s anticipated that the country’s central bank will introduce regulations concerning digital assets this very year.
As a researcher delving into financial trends, I’m excited to share that Brazil’s leading bank, Itaú Unibanco, has taken a significant step forward by enabling Bitcoin and Ethereum trading on their mobile application starting June 12th. Simultaneously, asset manager BlackRock made waves in March by introducing its spot Bitcoin ETF product within the country. This progressive move underscores the growing demand for digital assets and the adaptability of traditional financial institutions to cater to this market shift.
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2024-08-08 13:21