Brazil cracked down on crypto money laundering with new bill

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The bill will double the fines for those convicted of money laundering via crypto, as well as a harsher jail sentence.

Brazil’s Cmara dos Deputados (Special Committee of the Chamber of Deputies) approved a bill to crack down on cryptocurrency-related crimes. The bill will focus specifically on individuals or groups who use cryptocurrency to launder money in Brazil.

Bill 2303/15, an update on MP Expedito Netto (PSD-RO), will see penalties for money laundering increased from 33% to 66%. This means that those caught washing money via crypto will have to return their funds instead of the previous law. The update also extends the prison terms that offenders may face. The penalty for money laundering is currently three to ten years with the fine. The updated rules bring the minimum to four years and the maximum to 116 years and eight months. According to the announcement, the proposal has not yet been analyzed by the House plenary assembly.

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