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NEWS: Brazil raids target multi-billion dollar fraud in the fuel sector

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Brazil's flag is reflected in a window at the Planalto Palace, in Brasilia,Brazil December 27, 2023. REUTERS/Ueslei Marcelino/File Photo

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By Eduardo Simoes and Alberto Alerigi Jr

BRAZILIAN police and tax officials carried out a series of raids early on Thursday across the country targeting multibillion-dollar money laundering and fraud schemes linked to organized crime in the fuel sector, authorities said.

Multinational energy firms have struggled for years to root out organized crime from their distribution networks in Brazil, and the revenue service said this week’s crackdown related to schemes involving more than 10 billion reais ($1.84 billion) in fuel imports and 52 billion reais in domestic fuel sales.

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NEWS: Challenge for EU/UK banks as US targets assets of ‘radical left, Islamic NGOs’ in war on ‘political terrorism’

NEWS: Organised crime moves billions through crypto; some stablecoins impossible to seize, freeze – FATF

 Premium

EUROPEAN NOTEBOOK: ‘Show respect’ to AMLA Chair, MEPs chided; Bubble heavyweight Tinagli on real estate dirty money; Dublin’s Frankfurt shock; BaFin’s Rodolphe has new laser focus

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