Brazil Launches 'Maya Veil Operation' to Combat Money Laundering Network of 87 Shell Companies

On July 10, the Federal Police of Brazil launched the "Maya Veil Operation," executing nine search and seizure warrants in São Paulo, Ribeirão Preto, Porto Alegre, and Canoas to dismantle a money laundering network involving 87 shell companies. These companies masqueraded as legitimate business entities but were actually used to transfer illegal gambling funds. Investigations revealed that cryptocurrencies were primarily used for cross-border fund transfers within this money laundering network. Criminals received illegal gambling revenues through shell companies, converted the funds into crypto assets, and then transferred them abroad, exploiting the rapid nature of digital assets to evade traditional financial regulations. The Federal Police of Brazil stated that those involved could face charges of money laundering, tax evasion, and participation in organized crime, although the scale of the funds involved and the amount of seized assets have not yet been disclosed. This operation was supported by intelligence from the Brazilian Ministry of Finance and gambling regulatory authorities. Data shows that Brazil's legal gambling market is substantial, contributing approximately $869 million in tax revenue in the first four months of 2026, while the illegal gambling market is estimated to account for about half of the overall gambling transaction volume. Notably, just five days before the "Maya Veil Operation," the Federal Police of Brazil also dismantled a cryptocurrency money laundering network linked to the largest criminal organization, PCC, involving approximately $2 billion in fund flows.

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