Brazilian Authorities Target Banco Genial in R$11.6B Money Laundering Scheme

Brazilian federal prosecutors and tax authorities launched a new phase of Operation Carbono Oculto, alleging Banco Genial facilitated money laundering and asset concealment for fugitive fuel-sector businessmen. The scheme reportedly moved R$11.6 billion, with the bank providing structured financial architecture for the illicit operations. This marks an escalation in the investigation, now implicating a formal financial institution.