Brazil Senate extends Parliamentary Commission of Inquiry into betting

The Senate inquiry into alleged money laundering through online betting platforms will continue through mid-June.

Brazil’s Senate has approved a 45-day extension of the Parliamentary Commission of Inquiry (CPI) into the gambling industry, known as the Bets CPI.

The Commission, which investigates the potential use of betting companies for money laundering, was originally set to conclude earlier but will now run through mid-June.

The decision, confirmed by Senate President Davi Alcolumbre, represents a compromise. The CPI’s rapporteur, Senator Soraya Thronicke, had requested an extension until the end of the year. Since its launch in November 2024, the Commission has held 12 public hearings and received 135 documents, including financial intelligence reports containing banking data from individuals and companies connected to Brazil’s online betting market.

As part of the ongoing investigation, two executives from Pinbank Brazil have been asked to testify as witnesses on Wednesday, May 7. The individuals are Carlos de La Cruz Hyppolito, a partner at the bank, and Anderson Cicotoste, its executive director.

Good to know: Brazil’s Bets CPI was launched in late 2024 to address concerns over illegal betting and financial crime linked to Brazil’s booming online gambling market

The senator argued that the bank’s financial operations may have facilitated questionable transactions related to betting platforms. “It’s essential to investigate whether Pinbank Brazil has the proper mechanisms in place to prevent illicit activity, including money laundering,” Thronicke said.

She added that the executives could provide valuable insight into how the online betting ecosystem operates in tandem with Brazil’s financial system. According to the senator, this would aid future improvements to the country’s regulatory and oversight frameworks.

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