Brazil Daily

Banks in the crosshairs of Operation Car Wash

Banks in the crosshairs of Operation Car Wash

Many analysts of Operation Car Wash wondered when the anti-corruption probe would hit the banking system. That moment seems to have arrived. Yesterday, federal marshals carried out operations to arrest the managers of two Bradesco bank branches in Rio—accused of helping to launder almost BRL 1bn through operations using shell companies.

Investigators say that another three banks were used, but none to the extent of Bradesco: Itaú (in which BRL 94m were laundered), Santander (BRL 19m), and Caixa (BRL 4m). Bradesco said it has opened an internal investigation....

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