Brazil’s Federal Tax Agency recently disclosed that its internally developed artificial intelligence tools have successfully identified tax fraud and money laundering operations involving more than 900 million reais (about 180 million U.S. dollars) in cryptocurrencies, Wu reported.
The tool combines AI algorithms and complex network analysis to effectively improve the efficiency of detecting suspicious transactions.
In two typical cases, one involved 625 million reais in cryptocurrency purchases through shell companies, and the other involved drug, arms trade and cryptocurrency money laundering.