Car Wash – is A Major Investigative in the field of money laundering

Four people accused of compromising the cell phones of some politicians used cryptocurrency to launder money. judges have requested the four crypto exchanges from the country to provide information on the transactions made by the accused.

A major corruption scandal

Car Wash is a major money-laundering investigation initiated by Brazilian Justice Minister Sergio Moro. This was extended to several members of the political parties and the oil company Brailizan Petrobras.

The political parties involved in the corruption scandal were accused of allocating some of the funds to pay politicians, including former President Lula. Lula was sentenced to jail in January 2018.

The Brazilian police arrested four people who had broken Moro’s cell phones while acting as a judge in the Car Wash operation. They intended to sell the information obtained on Bitcoin.

Brazilian exchanges are required to report to the authorities

The judge in charge of this case requested related data from the major cryptocurrency exchanges in the country. The three exchanges – Foxbit, Braziliex and Mercado Bitcoin – have to disclose data on suspects’ accounts as of January 2018.

The lawyer of one of the accused said the origin of his client’s financial resources came from his work as a DJ and trader Bitcoin.

Earlier this year, Brazil’s Federal Income Department has launched new rules. They oblige cryptos exchanges to report user transactions to identify tax fraud.