Brazilian Court Sentences 14 for Money Laundering via Bitcoin

According to Odaily, a Brazilian federal court has sentenced 14 individuals for laundering over $95 million in drug trafficking and kidnapping profits using Bitcoin. Two main perpetrators received sentences exceeding 21 years, including a prison security officer, while the remaining 12 were sentenced to between 10 and 17 years. The criminal organization operated from April 2019 to July 2024 in the states of Minas Gerais and Paraná. Its primary function was to conceal the nature, origin, flow, and ownership of assets obtained from cross-border drug trafficking and violent crimes, including ransom from a kidnapping in Rio de Janeiro. Investigations revealed that the group used Bitcoin and other cryptocurrencies to launder money for a larger criminal network. They operated a 'financial department' using fake tax identification numbers, false accounting records, and multiple shell companies, masquerading as businesses in sectors such as food trade, livestock, luxury goods, and swimwear.