Brazil clamps down on money laundering linked to betting sites
Six people arrested and BR13m in assets frozen during Operation Cash Out.
Key Points
- São Paulo Public Ministry and Military Police joint forces to launch Operation Cash Out
- The operation aims to combat drug money laundering through betting platforms
- The dismantled criminal organisation moved large quantities of drugs across national states
- Authorities blocked BR13m ($2.4m) worth of assets, seizing cash, cars and property
Brazilian authorities have arrested six individuals in connection with a major drug trafficking and money laundering investigation, linked to online betting platforms allegedly used to disguise illicit proceeds.
The operation, called Operação (Operation) Cash Out, was led by the São Paulo Public Ministry (MPSP) and Military Police.
It included the execution of 20 search and seizure warrants, besides the the temporary arrest of six suspects. Authorities also froze BR13m in bank accounts and real estate assets, and seized luxury cars, cash and other valuables.
According to the MPSP, the group laundered drug money by purchasing property, vehicles and making financial investments, primarily via online betting sites. Two individuals were apprehended while transporting nearly 300kg of narcotics during the investigation.
Good to know: Brazil’s Finance and Sports Ministries have agreed to strengthen the national betting monitoring system
The group was based in Ribeirão Preto, a regional city in the state of São Paulo, and was allegedly responsible for trafficking large quantities of drugs across multiple Brazilian states.
The MPSP stated: “The criminals repeatedly committed the crime of money laundering, converting the proceeds of drug trafficking into real estate, vehicles and financial applications, mainly through online betting platforms.”
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