The Rio PGJ is boasting that crypto tracking is a crucial tool that is changing crime and asset investigations across the country.
The Prosecutor-General of Justice (PGJ) of Rio de Janeiro, Antonio Jose Campos Moreira, proclaimed a significant breakthrough on the criminal scene by applying the technology of cryptocurrency tracking.
He delivered the speech at the 6th regular session of the National Council of Prosecutors-General of Justice (CNPG), which was in Tiradentes, Minas Gerais.
This is a new tool, which can be used to trace virtual assets with high precision even on blockchains.
The technology is essential in addressing the laundering of illegal finances by criminal groups. Moreira called it a game-changer in an investigation.
Crypto Tracking for More Than Crime?
Moreira pointed out that the tool is not only useful when it comes to criminal investigations. It is also useful in bankruptcy and recovery in courts of law.
This technology also helps in family wrangles, in which it is reported that cryptocurrencies are being hidden.
Cases like these can give insights into an effort to hide assets, and this has been hard to uncover in the past. Moreira said this resource improves the level of our operations. It increases the effectiveness of research.
The tool offers more insight than ever into digital financial flows that were formerly opaque and hard to read.
Partnerships Powering Progress
The Public Ministry of Rio signed a partnership contract with an American corporation. The acquisition provides 1 year of free access to one of the most popular cryptocurrency trackers, which is already used in the US and Europe.
This collaboration makes Rio one of the pioneer states of Brazil that implements this high-tech resource.
The project is indicative of the desire of the Public Ministry to incorporate the latest intelligence gadgets in its operations.
It preconditions a further refined tracing of assets and dissolution of transnational criminal networks based on cryptocurrencies.
Another significant emphasis that Moreira made was the need to reach out to other state Public Ministries in their efforts.
It is a CNPG agreement that will facilitate common access to such tools throughout Brazil. This collaboration is meant to save money and also facilitate uniformity in investigations in the country.
A New Chapter in Public Justice
PGJ is also a proponent of alternative dispute resolutions. He considers autocomposition to be an essential way of lessening court congestion.
Moreira points out that a negotiated agreement between parties that fulfill their lowest interest is usually better than a protracted lawsuit that is not decided. In his view, one of the causes of these solutions is the Public Ministry.
Brazil recognizes cryptocurrencies as an economic instrument, not as currency. It is regulated, AML-compliant, and taxed. Such a legal framework favors the deployment of blockchain tracking technologies in law enforcement. Latest activities in Brazil have already demonstrated that blockchain tracing is effective.
As an example, law enforcement agencies have recently broken the trail of large money laundering schemes and managed to freeze millions of crypto assets with the same technique
The implementation of this technology by Rio is a definite move to bring justice into a new age. The Public Ministry of the state is taking the leadership role in innovative ways of fighting crime.
The crypto tracing plus collaborative institutional approach will yield greater effective outcomes against sophisticated financial offenses.
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