Brazil hunts for crypto money laundering operations 

One of the best innovations that cryptocurrency has brought is its anonymity and decentralization features. And while these features are certainly beneficial for the public, unfortunately, it has also been beneficial for lawbreakers.

In fact, crypto’s anonymity and decentralized nature were ideal features for criminals to seamlessly conduct their illegal operations. With cryptos, there are no central entities that would verify their legitimacy and its anonymity makes them almost untraceable by the authorities.

The cases of criminal activities using cryptocurrencies are rising in different parts of the world, especially in Brazil. That is why the government has announced that it would intensify its efforts on uprooting crypto-related illegal activities in the country.

Police deployment

The Brazilian Federal Police has intensified its efforts to “hunt” for crypto-related money laundering operations in the country.

Its “Operation Compliance” has already achieved 34 searches and seizure warrants. This operation is composed of 150 federal police who are deployed across five different cities in the country.

“The Federal Court in Goiás, which also issued 30 court warrants to block current accounts and cryptocurrency wallets, in addition to breaking the confidentiality of those investigated with the brokers,” one report said.

Aside from providing warrants to lawbreakers, the Operation also aims to block bank accounts and crypto wallets that have been involved in illegal activities.

Progress

Along with their operation, the police have even discovered that their main investigator and a hacker have conspired with each other over fraud on the internet. This was a shocking revelation but it showed that the operation was effective in digging much-needed facts about illegal crypto activities in Brazil.

So far, the operation has netted $33 million since it began, and this amount is expected to increase as the Brazilian authorities continue their effort to destabilize crypto-linked illegal operations in the country.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/brazil-hunts-for-crypto-money-laundering-operations/