Brazil is strengthening measures against institutions leveraging crypto to complete financial crimes. Local media reported that the Brazilian Federal Police launched Operation Alcacaria on Wednesday, targeting several financial operators that provided money laundering services to criminal organizations nationwide.
The operation was executed jointly with the Federal Revenue Service. The still unnamed organizations targeted by the police are being investigated for their involvement in money laundering, currency evasion, the operation of an illegal financial institution, and the use of false documents.
In addition, the police are also tracking and investigating exchanges that would also be working with these operators, providing them with digital asset liquidity for money laundering activities. However, no names have been shared publicly.
On this, the Federal Police stated:
These money launderers are allegedly responsible for currency evasion and money laundering for a variety of crimes throughout Brazil, in a practice known as crypto-cable.
The operation was launched simultaneously with a similar initiative called Operation Privilege, which also shared some suspects with this one. 13 preventive arrest warrants and 20 search warrants were issued as part of Privilege, which has a regional anti-crime force at its helm, the Rio Grande do Sul Organized Crime Task Force.
Last month, Brazil also executed Operation Niflheim, a high-level crackdown on three organizations that had laundered almost $10 billion using crypto, sending these funds to countries like the U.S., the United Arab Emirates (UAE), Hong Kong, and China. This makes Alcacaria the last of three actions launched against cryptocurrency-based money laundering crime in Brazil in less than one month.
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