The Brazilian Federal Police organized an operation to dismantle three organizations linked to money laundering operations using crypto. The operation, called Niflheim, was carried out in collaboration with the Federal Revenue Service, Brazil’s tax watchdog, and involved the issuance of eight arrest warrants and 19 search and seizure orders in the cities of Caxias do Sul, Sao Paulo, Fortaleza, and Brasilia.

The Brazilian Federal Court also blocked $1.58 billion in funds stored in bank accounts and cryptocurrency exchanges. Several vehicles and properties were also seized.

The operation focused on cracking down on three organizations that collectively laundered $9.7 billion using crypto since the investigation started in 2021. Local media reported that the laundered funds were the product of different illicit activities, mainly drug trafficking and smuggling.

The groups used shell companies and other elements to cover their operations and the origin of the received funds. After being laundered, the funds were sent abroad to countries like the U.S., the United Arab Emirates (UAE), Hong Kong, and China.

Explaining the full suite of crimes these organizations were allegedly conducting, the Federal Police stated:

The crimes investigated are money laundering or concealment of assets, crimes against the national financial system, ideological falsehood, criminal association, criminal organization, and crimes against the tax system.

While the investigations indicate that these groups operated individually, they had a high degree of cooperation in their activities, so much so that the police consider this might be only one organization, with its leaders residing in Caxias do Sul and Orlando.

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