Brazil police seize roughly $2 billion in crypto-linked PCC laundering probe
Federal Police carried out 24 warrants in São Paulo after a U.S. sanctions move against two Brazilian nationals and four companies tied to an alleged PCC laundering network was said to have disrupted the timing of the raid.
Brazilian Federal Police targeted an alleged Primeiro Comando da Capital, or PCC, money-laundering network in Operation Exchange, a probe authorities say involved nearly $2 billion moved through cryptocurrency transfers, banking activity and cash transportation between Florida and Brazil. More than 50 officers executed 11 temporary arrest warrants and 13 search-and-seizure warrants in São Paulo state. Stella Stefanie Nunes Henrique de Oliveira was arrested, while Victor Henrique de Oliveira Shimada remained at large after police said the operation had to be brought forward following a U.S. Treasury sanctions designation. Brazilian police chief Andrei Rodrigues said the lack of coordination damaged the investigation and may have allowed the key suspect to escape. U.S. authorities had alleged Shimada helped launder more than $30 million in illicit proceeds generated in and around multiple U.S. cities using cryptocurrency to move funds back to Brazil on behalf of PCC.
- OFAC: The U.S. Treasury office that administers and enforces economic sanctions.
- money laundering: The process of concealing the criminal origin of funds to make them appear legitimate.
- cryptocurrency transfers: Movements of digital assets between wallets or platforms that can be used for payments or, in criminal cases, to shift funds across borders.