Brazilian Police Launch 'Operation Veil of Maya' to Combat Money Laundering Network Involving 87 Shell Companies

According to IBTIMES, Brazilian authorities recently launched 'Operation Veil of Maya', executing simultaneous raids across São Paulo, Ribeirão Preto, Porto Alegre, and Canoas with nine search and seizure warrants targeting a money laundering network connected to 87 shell companies.

Cryptocurrency served as the primary vehicle for cross-border fund transfers in the scheme, with illicit actors using shell companies to receive illegal income, convert it to crypto assets, and move funds overseas. Suspects face potential charges including money laundering, tax evasion, and organized crime involvement, though authorities have not disclosed the funds or assets involved.