Brazilian Federal Police and Brazilian Tax Authority have launched the final stage in Operation Colossus. This movement has executed hundreds court orders against fake companies, arbitrage agents and cryptocurrency exchanges in four states. This operation involved 158 government officials, 130 of them federal policemen. It resulted in search and seizure orders for six forex institutions and six cryptocurrency exchanges.
Operation Colossus launched to stop the laundering of crypto money
With the support of the Brazilian tax authority and the Federal Police of Brazil on September 22, the Brazilian Federal Police launched Operation Colossus' final stage. This investigation has more than four years of historical background. They executed over 100 court orders targeting six cryptocurrency exchanges and four forex operators as well as arbitrage agents suspected to be aiding in money laundering.
Operation Colossus involved 130 federal police officers. They executed two arrest warrants and 37 search-and- seizure orders in four different states, including Rio de Janeiro. The effort also included 28 tax officers from Brazil.
According to the Federal Police, the criminals used cryptocurrency assets as a way to launder money through a remittance program. According to the Federal Police's press release, suspicious exchange operations resulted in the movement of close to $391 million. According to the Federal Police:
These resources were circulated through the financial system through shell companies without economic or financial capacity. They then passed through transit accounts before being converted into cryptoassets that could later be used abroad.
Modus Operandi and Similar Operations
Three groups are believed to have been involved in this crime. The first is composed of high-ranking arbitrage agents who purchased large amounts of cryptocurrency assets in countries such as the U.S., Singapore and Hong Kong. The second group consists of cryptocurrency exchanges that acted as intermediaries.
The third group consists of individuals and fake companies that bought these cryptocurrency assets. Many customers were unable to buy cryptocurrencies. These included the elderly, those who are eligible for assistance programs and the dead. One accountant managed more than 1,300 fake companies.
This operation is among the largest crypto-related in the country. It also includes others like operation Compliance and operation Kryptos, both of which were executed last year by the government forces.
What are your thoughts on Operation Colossus Leave a comment below.
Frequently Asked Questions
How much money should I put into my Roth IRA?
Roth IRAs let you save tax on retirement by allowing you to deposit your own money. These accounts cannot be withdrawn until you turn 59 1/2. If you decide to withdraw some of your contributions, you will need to follow certain rules. First, you can't touch your principal (the initial amount that was deposited). This means that you can't take out more money than you originally contributed. If you are able to take out more that what you have initially contributed, you must pay taxes.
The second rule states that income taxes must be paid before you can withdraw earnings. Also, taxes will be due on any earnings you take. Let's assume that you contribute $5,000 each year to your Roth IRA. Let's also say that you earn $10,000 per annum after contributing. This would mean that you would have to pay $3,500 in federal income tax. The remaining $6,500 is yours. Because you can only withdraw what you have initially contributed, this is all you can take out.
So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). So even though you received $7,000 in Roth IRA contributions, you only received $4,000.
There are two types if Roth IRAs, Roth and Traditional. Traditional IRAs allow pre-tax contributions to be deducted from your taxable tax income. Your traditional IRA allows you to withdraw your entire contribution plus any interest. You can withdraw as much as you want from a traditional IRA.
Roth IRAs are not allowed to allow you deductions for contributions. However, once you retire, you can withdraw your entire contribution plus accrued interest. There is no minimum withdrawal required, unlike a traditional IRA. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.
Should You Invest Gold in Retirement?
How much money you have saved, and whether or not gold was an option when you first started saving will determine the answer. If you are unsure of which option to invest in, consider both.
Not only is it a safe investment but gold can also provide potential returns. This makes it a worthwhile choice for retirees.
Although most investments promise a fixed rate of return, gold is more volatile than others. As a result, its value changes over time.
This does not mean you shouldn’t invest in gold. This just means you need to account for fluctuations in your overall portfolio.
Another benefit of gold is that it's a tangible asset. Gold can be stored more easily than stocks and bonds. It is also easily portable.
You can always access your gold as long as it is kept safe. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. As gold prices rise in tandem with other commodities it can be a good hedge against rising cost.
A portion of your savings can be invested in something that doesn't go down in value. Gold usually rises when stocks fall.
Another benefit to investing in gold? You can always sell it. Just like stocks, you can liquidate your position whenever you need cash. It doesn't matter if you are retiring.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all of your eggs in one basket.
Do not buy too much at one time. Begin by buying a few grams. Add more as you're able.
Don't expect to be rich overnight. It's not to get rich quickly, but to accumulate enough wealth to no longer need Social Security benefits.
While gold may not be the best investment, it can be a great addition to any retirement plan.
Is gold buying a good retirement option?
Buying gold as an investment may not seem very appealing at first glance, but when you consider how much people spend on average on gold per year worldwide, it becomes worth considering.
The best form of investing is physical bullion, which is the most widely used. There are other ways to invest gold. Research all options carefully and make an informed decision about what you desire from your investments.
If you don't want to keep your wealth safe, buying shares in companies that extract gold and mining equipment could be a better choice. If you need cash flow from an investment, purchasing gold stocks is a good choice.
You also can put your money into exchange-traded funds (ETFs), which essentially give you exposure to the price of gold by holding gold-related securities instead of actual gold. These ETFs may include stocks that are owned by gold miners or precious metals refining companies as well as commodity trading firms.
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement plans
- Fraud Advisory: Precious Metals Fraud | CFTC
Guidelines for Gold Roth IRA
The best way to invest for retirement is by starting early. Start saving as soon as possible, usually at age 50. You can continue to save throughout your career. You must contribute enough each year to ensure that you have adequate growth.
Additionally, tax-free opportunities like a traditional 401k or SEP IRA are available. These savings vehicles enable you to make contributions while not paying any taxes on the earnings, until they are withdrawn. They are a great option for those who do not have access to employer matching money.
The key is to save regularly and consistently over time. You'll miss out on any potential tax benefits if you're not contributing the maximum amount allowed.
By: Sergio Goschenko
Title: Brazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved
Sourced From: news.bitcoin.com/brazilian-federal-police-launch-operation-colossus-6-cryptocurrency-exchanges-involved/
Published Date: Fri, 23 Sep 2022 11:30:02 +0000
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