Introduction

Brazil’s white-collar crime enforcement landscape has undergone significant transformation in recent years, particularly following the recalibration of anti-corruption efforts in the aftermath of the Lava Jato investigation. The years 2025 and 2026 are poised to see further evolution, with enforcement becoming increasingly sophisticated, multi-agency, and technology-driven. The focus has shifted from broad, high-profile investigations to more targeted, data-driven actions that address emerging risks linked to the presence of organised crime in the financial system, environmental protection, and digital security.

This article explores the key trends shaping the enforcement environment, the implications for businesses, and the outlook for the coming years, drawing on recent public cases, legislative developments, and regulatory guidance from the authorities.

There is a clear intersection between the enforcement of white-collar criminal law and the way in which business is carried out in Brazil. For this reason, a deep understanding of criminal law and how it is enforced, as well as the current trends in the space, for which highly specialised legal advice is essential, are fundamental to investing and conducting business in Brazil.

Legal Framework, Criminal Liability, and Criminal Investigation and Processing: An Overview

Brazilian criminal law is statutory and exclusively set forth by the federal legislative branch: the Congresso Nacional. There are no criminal laws at state or municipal levels. Crimes that affect the interests of the Federative Republic of Brazil itself (the “Union”), such as federal assets or the functions of the federal agencies, fall under the jurisdiction of federal courts, whereas most criminal offences are prosecuted before state courts. There are also other specialised criminal spheres; however, these are rarely used, such as the military courts and the electoral courts.

Criminal liability in Brazil is personal and subjective, generally applying only to individuals. The sole exception is environmental crimes, for which companies can also be held criminally liable. Authorities may press charges against any individual acting wilfully or negligently (the latter only as expressly provided by law) to commit or help commit an offence, either directly or indirectly. Managers, officers or employees involved in criminal misconduct, whether through action or omission and even if acting on behalf of a company, may face criminal charges to the extent of their personal contribution to the offence. Anyone who assists the offender, knowing they are contributing to the offence, shall be held accountable in proportion to their participation. Brazilian authorities have jurisdiction to investigate and prosecute any person, including foreigners, whenever the action itself or the result of the unlawful action occurs – even only partially – within the country.

As a rule, in Brazil, criminal investigation is conducted by the State Civil Police or the Federal Police Department, under the supervision of the respective State and Federal Public Prosecutor’s Offices, which may also conduct direct investigations without police involvement – which is less common. Some investigative measures may require judicial authorisation – which is the rule for measures that are deemed to affect individuals’ fundamental rights (eg, in the case of arrest orders, search and seizures, breaching bank secrecy, phone tapping or asset freezing). At the end of the pre-trial investigation, the files are sent to the Public Prosecutor’s Office, which will then assess the evidence and, if it considers there to be probable cause, either file criminal charges before the court or dismiss the investigation.

To effectively combat fraud and corruption affecting the government, the Brazilian Constitution designed a complex multi-agency system to fight corruption in the administrative sphere, known as the “U-System”. This system comprises the Comptroller-General of the Union (CGU), the Solicitor-General of the Union (AGU), and the Federal Audits Court (TCU), whose administrative enforcement actions can be – and often are – used by criminal prosecutors to help detect and/or gather evidence of misconduct to subsequently bring criminal charges before the courts.

There are potential agreements that may be negotiated with the Public Prosecutor’s Office to avoid prosecution and conviction. Misdemeanours may be resolved through the payment of small fines proposed by prosecutors before potentially filing an indictment and without requiring any admission of guilt (Article 76, Law 9,099/1995). Following a formal indictment, and still in relation to relatively low-level criminal cases, it is possible to agree to suspend the lawsuit under certain conditions to be fulfilled by the defendant, future compliance with which may lead to the extinction of the case without sentencing (Article 89, Law 9,099/1995). For mid-level offences, the Public Prosecutor’s Office may propose a non-prosecution agreement before filing formal charges (Article 28-A, Code of Criminal Procedure), provided that the investigated party confesses to the unlawful act and repairs the damage caused by the offence. A more complex collaboration agreement with the Public Prosecutor’s Office, through which the defendant must admit misconduct and present self-incriminating evidence and evidence against others (Articles 3-A to 7, Law 12,850/13), may apply to more serious cases where there have been conspiracies and/or organised crime. All the aforementioned agreements may be and are often used in white-collar crime cases.

During the criminal lawsuit, the victim – either an individual or a legal entity – can formally act as an assistant to the Public Prosecutor’s Office, presenting written and oral arguments when applicable, throughout the proceedings, as well as conducting the cross-examination of witnesses and defendants. Once the case has been decided by the lower court, both the defence and the prosecution can appeal and request a second appraisal of the entire case. The appeal is heard by a state or a federal court of appeal. After the appellate decision, it may still be possible for the parties to file a special appeal to the Superior Court of Justice (STJ) (if there is a clear violation of a federal law) or to the Supreme Federal Court (STF) (if there is a clear violation of the Constitution), subject to certain additional admissibility and procedural requirements.

The Present Scenario and Years Ahead

Based on the authors' experience and on current legal and political debates, it is possible to anticipate certain trends in the enforcement of white-collar crimes in Brazil, which are likely to become particular focuses for local authorities, defence counsel, and local and foreign businesspersons conscious of legal risks.

The aftermath of Lava Jato marked a watershed moment in Brazil’s approach to white-collar crime. While the operation brought unprecedented attention to corruption and led to significant legal reforms — including the strengthening of plea deals’ mechanisms and the introduction of new anti-corruption statutes — it also exposed the need for more balanced and legally robust enforcement strategies. The STF and STJ have since issued key rulings on due process, the limits of plea deals, and the protection of defendants’ procedural rights, leading to the annulment of several high-profile convictions. These decisions have prompted a recalibration of enforcement, with authorities now emphasising legal certainty, proportionality, and the avoidance of excessive pre-trial detentions or media-driven prosecutions. On the other hand, in certain cases, annulments have been criticised by some commentators as not following established case law and being ruled by a single Justice instead of being reviewed by a panel of Justices. In fact, what has been perceived as an excessive number of single-judge decisions, to the detriment of collegiate decisions, has been a major point of criticism directed at the superior courts in Brazil.

In recent years, multi-agency co-operation has become the norm, with the Federal Police (Polícia Federal), Public Prosecutor’s Office (Ministério Público Federal), tax authorities (Receita Federal), and the CGU working together to detect and investigate complex schemes. The use of data analytics and cross-referencing of public and private databases has enabled the authorities to identify patterns of illicit activity more efficiently, as seen in recent operations targeting tax evasion, money laundering, and fraud in public procurement. Notably, the integration of digital tools has facilitated real-time monitoring of financial flows, the mapping of beneficial ownership structures, and the detection of unusual transaction patterns across multiple sectors.

Organised Crime’s Infiltration into the Financial System

One of the most significant developments in 2025 was the exposure of organised crime’s deep infiltration into Brazil’s financial system. In a series of high-profile investigations, the authorities uncovered that the Primeiro Comando da Capital, one of Brazil’s largest criminal organisations, had gained control over at least 40 investment funds with assets exceeding BRL30 billion (approximately USD5.5 billion), as well as logistics assets, fuel retail networks, and even port terminals. The group used these structures to launder money and integrate illicit proceeds into the formal economy, with total movement exceeding BRL52 billion (approximately USD9.5 billion). These revelations highlighted vulnerabilities in compliance and due diligence processes within the financial sector, particularly in the onboarding of clients, beneficial ownership verification, and the monitoring of complex investment vehicles.

Such investigations have prompted a wave of regulatory and legislative responses. The securities regulator (CVM), the Receita Federal and the Brazilian Central Bank have intensified supervision, requiring enhanced due diligence, stricter onboarding procedures, and greater personal accountability for senior managers and gatekeepers.

Financial institutions are now expected to implement more robust AML controls, including real-time transaction monitoring, beneficial ownership verification, and regular staff training. The Faria Lima financial district, previously seen as a symbol of market sophistication, has become a focal point for regulatory scrutiny, with several high-profile asset management firms and fintechs subject to ongoing investigations. The episode has also sparked debate about the adequacy of Brazil’s beneficial ownership registry and the need for greater transparency in fund structures, with the CVM and Receita Federal launching joint initiatives to improve data sharing and oversight.

Regulatory Maturation in Sports Betting

The sports betting sector has transitioned from a period of regulatory uncertainty to a fully regulated environment. The Ministry of Finance’s Prizes and Betting Secretariat (Secretaria de Prêmios e Apostas, SPA) became operational in 2024, and as of 2025, 66 companies have been authorised to operate under the .bet.br domain. Monthly transaction volumes via PIX, Brazil’s instant payment system, have reached up to BRL30 billion, raising concerns about potential money laundering, match-fixing, and the need for robust consumer protection. The Senate has approved new restrictions on advertising, and a Parliamentary Inquiry Commission (CPI das Bets) has targeted the sector’s links to organised crime and financial fraud, with several operators and payment processors called to testify.

Compliance requirements for operators have become more stringent, with a focus on rigorous customer onboarding (including enhanced KYC policies), transaction monitoring, safer gambling controls, and transparent incident reporting. The Central Bank and CVM have issued joint guidelines on AML/CTF for betting operators, and the Receita Federal has begun auditing the tax compliance of major platforms. The sector’s rapid growth has also attracted increased scrutiny from enforcement agencies, making robust compliance frameworks, whistle-blower channels, and regular audits essential for market participants. In addition, the SPA has introduced a centralised monitoring system for suspicious betting patterns, and the Ministry of Justice has launched public awareness campaigns on responsible gambling.

Internationally, Brazil’s regulatory approach is being compared to those of the UK and the European Union, with ongoing dialogue about harmonising standards and sharing intelligence on cross-border betting fraud. Operators are advised to invest in advanced analytics, staff training, and third-party audits to meet evolving expectations.

Capital Markets Integrity and Major Cases

The integrity of Brazil’s capital markets remains a top enforcement priority. The ongoing investigation into the Americanas accounting scandal, which began in 2023, appears to have expanded to incorporate additional parties, including financial institutions, auditors, and executives. The Federal Police and CVM are working together to analyse complex financial transactions, and the case has prompted calls for stricter regulation of accounting practices, auditor independence, and the liability of board members. The Americanas case has also led to a broader review of disclosure obligations and the adequacy of internal controls within listed companies.

The CVM’s efforts to rebuild its supervisory capacity have led to more referrals to prosecutors and greater use of data analytics to detect irregularities. In August 2024, there were only 89 police inquiries nationwide targeting potential securities crimes, a number expected to rise as the CVM and Public Prosecutor’s Office increase their co-operation. Legislative proposals are under consideration to create new offences related to accounting fraud, misleading investors, and to strengthen whistle-blower protections. The CVM has also launched a public consultation on the modernisation of its enforcement toolkit, including the use of deferred prosecution agreements and the expansion of administrative sanctions.

Companies listed on the stock exchange are under pressure to enhance their internal controls, ensure accurate disclosures, and respond promptly to regulatory inquiries. The Americanas case has become a benchmark for the market, highlighting the importance of robust governance, transparent reporting, and a proactive approach to risk management. Market participants are increasingly expected to conduct regular internal audits, review their whistle-blower policies, and ensure that their boards are equipped to oversee complex financial operations.

Environmental Crime, ESG, and Illegal Mining

Environmental enforcement has intensified, particularly in the extractive industries and sectors linked to Brazil’s global climate commitments. In 2025, authorities launched important investigations into allegations of corruption and other fraud within the National Mining Agency (Agência Nacional de Mineração, ANM), resulting in the arrest of senior officials and the seizure of assets including mining equipment, vehicles, and cash. These probes have exposed systemic weaknesses in licensing, monitoring, and enforcement, prompting calls for the digitalisation of environmental permits and the integration of satellite monitoring systems.

The focus has expanded to include not only traditional environmental crimes (such as illegal deforestation, pollution, and illegal mining) but also greenwashing and fraudulent carbon credit schemes. The Greenwashing Operation (Operação Greenwashing), launched in June 2023, led to the arrest of individuals involved in the irregular trading of carbon credits, with over BRL919 million (roughly USD170 million) seized. The Receita Federal and Federal Police have also launched joint operations to combat tax evasion and money laundering in the fuel and carbon sectors.

Companies operating in these sectors face heightened exposure relating to licensing, beneficial ownership, carbon-related claims, and supply chain transparency. Robust ESG controls, verifiable carbon documentation, and third-party risk management are now baseline expectations. The expansion of the carbon credit market, coupled with increased detection of fraudulent credits, has led to a surge in investigations targeting greenwashing and related offences. Extractive industries, in particular, are under pressure to enhance transparency, ensure the integrity of their supply chains, and engage constructively with regulators and local communities. The adoption of international ESG standards, such as those set by the Task Force on Climate-related Financial Disclosures, is becoming a market expectation, and failure to comply can result in exclusion from financing and public procurement.

Public Sector Fraud and Social Security Schemes

Fraud in public sector programmes, particularly the federal social security system (INSS), has emerged as a major enforcement focus. Operations such as the “Overclean” probe have uncovered billion-reais schemes involving the use of shell companies, public servants, and private sector actors to defraud the INSS. These investigations have resulted in the arrest of dozens of individuals and the freezing of millions in misappropriated funds. The schemes often involve the creation of fake benefit claims, manipulation of payroll systems, and collusion between insiders and external service providers. Companies that interact with public systems should reinforce vendor due diligence, implement segregation of duties, and deploy advanced anomaly detection tools to mitigate the risk of involvement in fraudulent activities. The government’s commitment to combating public sector fraud is expected to drive further regulatory reforms and enforcement actions in the coming years, including the digitalisation of benefit systems and the integration of biometric verification.

Cyber-Enabled Financial Crime and Digital Security

The rise of cyber-enabled financial crime presents new challenges for regulators and businesses alike. The use of AI in financial fraud, including deepfake technology, automated phishing, and synthetic identity creation, has increased the complexity and scale of attacks. Incidents involving the PIX instant payment system, such as account takeovers and unauthorised transfers, have prompted the Central Bank to require stronger authentication measures, including liveness detection, behavioural biometrics, and multi-factor authentication.

Financial and payment institutions are required to deploy advanced security measures, including adversarial testing, rapid response protocols, and regular employee training. The Central Bank has also issued new guidelines on incident notification and the management of cyber risks, requiring institutions to report significant breaches within 24 hours. Regulatory expectations are evolving, with a focus on proactive risk management, incident reporting, and collaboration with law enforcement. The increasing sophistication of cybercriminals has prompted continuous investment in digital security, the adoption of zero-trust architectures, and the use of AI-driven anomaly detection. The São Paulo State Police has established a dedicated cybercrime unit, and the Federal Police has increased its co-operation with Interpol and Europol to combat transnational cyber threats. In addition, the National Data Protection Authority has begun to play a more active role in overseeing data breach responses and the protection of personal information in the financial sector.

International Co-operation and Data Protection

Enforcement agencies in Brazil are increasingly collaborating with their international counterparts to investigate and prosecute complex cross-border cases. The Federal Police, Receita Federal, and the CGU have participated in joint operations with agencies from the United States, the European Union, and Latin America, sharing intelligence and co-ordinating enforcement actions. The integration of AI tools and data analytics has enhanced the ability to detect illicit activities that span multiple jurisdictions, but also raises challenges related to data protection and legal privilege. The General Data Protection Law (Lei Geral de Proteção de Dados) imposes strict requirements on the handling of personal data, and companies must ensure compliance when responding to cross-border requests. The management of parallel proceedings, especially in cases involving the US Department of Justice or European authorities, requires careful co-ordination to avoid conflicts of law.

Outlook for 2026

Looking ahead, Brazil’s white-collar crime enforcement landscape will continue to evolve in response to emerging risks and global trends. Sustained action is expected in the areas of sports betting, capital markets, environmental protection, and cybercrime. Regulatory scrutiny of investment funds, payment systems, and high-risk sectors will intensify, with greater reliance on data analytics, and international co-operation. The trend toward multi-agency operations and the use of AI in enforcement is likely to accelerate, with authorities investing in new technologies and cross-border partnerships.

Businesses must prioritise governance, evidence-ready compliance, and robust incident response capabilities to navigate an increasingly assertive and technology-enabled enforcement environment. Companies should invest in continuous training, regular risk assessments, and the adoption of international best practices to remain resilient.

As enforcement agencies become more integrated and technologically advanced, companies that invest in proactive risk management and foster a culture of integrity will be best positioned to succeed in Brazil’s dynamic market. In the coming years, further alignment with global standards, increased transparency, and a stronger emphasis on ESG and digital resilience are expected. In this context, the role of legal and compliance professionals will be critical ‒ not only in ensuring adherence to evolving regulations, but also in shaping corporate culture and supporting sustainable business growth.

Ultimately, the ability to anticipate regulatory trends, engage constructively with authorities, and demonstrate a genuine commitment to ethical conduct will distinguish market leaders in Brazil’s increasingly complex enforcement landscape.