US Treasury sanctions Brazilian nationals for $30M crypto money laundering
In brief
- OFAC sanctioned two Brazilian nationals, three companies, and one Portuguese firm for $30M crypto money laundering
- PCC criminal organization, designated as terrorist group, operated the drug-proceeds laundering network
- Drug proceeds converted to cryptocurrency and transferred to Brazil via shell company fronts
- Six Florida-based PCC members arrested in January 2026 during coordinated investigation
The Laundering Scheme
Drug proceeds generated in the US were converted into cryptocurrency and transferred back to Brazil as part of the alleged scheme. The two designated individuals—Victor Henrique de Oliveira Shimada and Stella Stefanie Nunes Henrique de Oliveira—operated three Brazilian companies that allegedly served as fronts to disguise financial transactions and make the flow of funds harder to trace. Those entities were Victory Trading, Pixwave Soluções de Pagamentos Ltda, and Wave Construções Inteligentes Ltda. A Portuguese firm, Avenidas Flutuantes Unipessoal Lda, was also named in the action.
Victory Trading had previously surfaced in connection with a 2025 laundering case involving a soccer club, suggesting a pattern of reuse across illicit schemes. A coordinated investigation by a Homeland Security Task Force uncovered the network, which was reportedly based in São Paulo.
Enforcement and Global Reach
The enforcement action led to concrete results beyond the sanctions. Six members of a Florida-based PCC faction were arrested on money laundering charges in January 2026 as part of the same probe. The sanctions were enacted under Executive Order 14059, which targets transnational drug trafficking organizations, and Executive Order 13224, which focuses on terrorist financing.
PCC was designated as a Specially Designated Global Terrorist organization in December 2021, with additional designations following in May 2026. The group's operations now span multiple continents. PCC maintains documented activity in the US (particularly Florida), the United Kingdom, Turkey, and Japan.
"The network in question is tied to the Primeiro Comando da Capital, better known as PCC, a criminal organization that has become one of the most powerful and sprawling in Latin America."
Practical Impact
All property and interests in property belonging to the designated individuals and entities that are within US jurisdiction are blocked under the sanctions. US persons are generally prohibited from engaging in any transactions with the sanctioned parties. Foreign financial institutions that knowingly facilitate significant transactions on behalf of these sanctioned parties risk being cut off from the US financial system.
Notably, OFAC did not name any specific cryptocurrency tokens, protocols, or wallets in this action. The focus remained on the individuals and entities involved rather than targeting particular blockchain infrastructure, reflecting a traditional sanctions approach applied to crypto-enabled illicit finance.
