Boletim de Investigações Corporativas – Abril 2026

The Corporate Investigations Newsletter aims to provide information on the main media news, trends, cases, and legislation concerning compliance, white-collar crime, competition and international trade matters in Brazil and abroad. This newsletter is for informative purposes only, and should not be used for decision making. Specific legal counseling may be provided by our legal team.

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Compliance and Investigations, White-Collar Crime, Competition, and International Trade and Customs teams

Ministry of Transportation publishes ordinances to strengthen integrity, ethics, and governance

On April 17, 2026, the Ministry of Transportation published three regulations in the Federal Official Gazette establishing the Risk Management Policy, the Code of Ethical Conduct, and the Ministry’s Integrity System, applicable to both the direct administration and affiliated entities. The measures were signed by the Minister of Transportation, George Santoro, and reinforce the institutional commitment to transparency, ethics, and the prevention of corruption.

The Risk Management Policy governs the identification, assessment, treatment, and monitoring of institutional risks, including those related to integrity and contract execution. Meanwhile, the Code of Ethical Conduct consolidates the principles and rules applicable to public officials of the Ministry of Transportation, including guidelines on the use of authority, the acceptance of benefits, the protection of information, and the prevention of conduct incompatible with the public interest. The Integrity System provides an integrated framework for institutional activities aimed at promoting public integrity, with a focus on governance and procurement management.

The ordinances align with the Public Integrity Maturity Model (“MMIP”) of the Office of the Comptroller General (“CGU”) and are part of a broader recognition of the integrity practices adopted by the Ministry.

For more information, please access the CGU’s full article.

CGU sanctions five companies for harmful acts to the Public Administration

In April 2026, the CGU published, in the Federal Official Gazette, administrative sanctions imposed on five companies involved in harmful acts to the Public Administration. The decisions resulted from the conclusion of Administrative Accountability Proceedings (“PARs”) related to fraud in public contracts, primarily in the health sector, and health-related irregularities.

The penalties imposed included a ban on bidding for and contracting with the government for up to five years, the imposition of fines, and the requirement to publicly disclose the sanctions. Some of the decisions are related to Operations Fatura Exposta and Ressonância, which investigated corruption schemes, cartels, bid rigging, and money laundering involving contracts entered into with public entities.

The CGU also denied requests for reconsideration filed by other entities, fully upholding the sanctions previously imposed, reaffirming the institution’s commitment to holding legal entities accountable, and strengthening integrity in relations with the Federal Government.

For more information, please access the CGU’s full article.

Brazil’s Federal Police and CGU launch anti-fraud operations targeting federal contracts

On April 15, 2026, Brazil’s Federal Police, in a joint operation with the CGU, launched Operations Makot Mitzrayim and Rio Vermelho to investigate fraud in public contracts, focusing on crimes of active and passive corruption, embezzlement, money laundering, and irregularities in bidding processes.

As part of the investigations, 50 court orders were executed, including search and seizure warrants and preventive arrests, in the states of São Paulo, Goiás, and the Federal District, among others. The findings indicate the potential use of social organizations as tools for the embezzlement of public funds, through overpriced contracts, simulated competition, and improper ties between officials and contracted companies.

The investigations began following CGU audits and point to significant flaws in control and oversight mechanisms, reinforcing the importance of effective integrity and governance programs for entities that contract for or receive public funds.

For more information, please access the CGU’s full article.

International report highlights the impact of corruption and impunity on human rights

On April 16, 2026, the International Federation for Human Rights (“FIDH”) and Transparency International released the report “Corruption Does Have Victims: Examples of Grand Corruption in Latin America and Its Impact on Human Rights,” which analyzes how major corruption cases directly affect the exercise of fundamental rights and pose a threat to democracy in the region.

The report examines specific situations in Latin American countries, including Brazil, highlighting how corruption at high levels of government results in human rights violations, deepens social inequalities, and compromises access to essential public services such as healthcare, education, and sanitation. In the chapter about Brazil, the document addresses the Odebrecht case (new Novonor), highlighting the impacts of impunity and the challenges to effective accountability in cases of transnational bribery.

The study also presents recommendations to national authorities, emphasizing the importance of international cooperation, strengthening accountability mechanisms, and protecting the rights of victims of corruption.

For more information, see the CGU’s full article. 

New law increases property crime penalties and frames fraud under unconditioned criminal prosecution

On April 30, 2026, the President of Brazil enacted Law No. 15,397/2026, which amends the Brazilian Penal Code to increase sentences for theft, robbery, fraud (theft by false pretenses, estelionato), receiving stolen property, and disruption of telecommunications services. It also criminalizes other conduct, such as receiving stolen domestic animals and offering dummy accounts (“laranja”).

A noteworthy change is the repeal of Article 171, paragraph 5, of the Penal Code, which required a formal complaint from the victim for criminal prosecution. The amendment classifies all forms of fraud as unconditioned criminal offenses, allowing the Public Prosecutor’s Office to file charges regardless of the victim’s claims. This change directly impacts the prosecution of fraud schemes in general – especially large-scale electronic scams – where the need for each victim’s individual complaint had been a significant obstacle to the prosecution’s efforts.

Other changes already in force include:

• Theft and robbery of movable property: Imprisonment sentence increased from 1-4 years to 1-6 years, plus a fine. In the case of robbery (with serious threat or violence), the sentence increases to 6-10 years’ imprisonment, plus a fine.
• Banking scams or fraud: 4-10 years’ imprisonment, plus a fine, for theft committed through an electronic or computer device – connected or not to a computer network –with or without bypassing a security mechanism or using malicious software.
• Vehicle robbery: 4-10 years’ imprisonment, plus a fine, if the vehicle is moved to another state or abroad.
• Theft or robbery of a cellphone, tablet, or laptop: 4-10 years’ imprisonment, plus a fine.
• Theft or robbery of animals (domestic or livestock): 4-10 years’ imprisonment, plus a fine. The previous sentence was 2-5 years’ imprisonment.
• Robbery resulting in death (latrocínio): 24-30 years’ imprisonment, plus a fine.
• “Dummy” bank account: 1-5 years’ imprisonment, plus a fine, for anyone who assigns – free of charge or for consideration – a bank account used to move funds intended to finance criminal activity, or proceeds of such activity.
• Electronic fraud: 4-8 years’ imprisonment, plus a fine, for fraud committed using information provided by the victim or by a third party that was misled through social media, telephone contacts, fraudulent emails, duplicate or cloned electronic devices, or an internet application.
• Receiving stolen property (object derived from a crime): 2-6 years’ imprisonment, plus a fine, for anyone who acquires, receives, transports, carries, or conceals an object derived from a crime – for themselves or on behalf of others.
• Receiving stolen animals (domestic or livestock): 3-8 years’ imprisonment, plus a fine.
• Disruption of telecommunications services: 2-4 years’ imprisonment, plus a fine; the sentence may be doubled in cases of public calamity or destruction of equipment.

For more information, see the full Migalhas article.

Brazil’s STJ reinstates prosecution against Vale’s former CEO in the Brumadinho case

By a majority vote, the 6th Panel of the Superior Court of Justice (STJ) decided to reopen the criminal proceedings filed against Fábio Schvartsman, Vale’s former CEO, in connection with the collapse of the Córrego do Feijão dam in Brumadinho, Minas Gerais, in 2019. The panel granted the Federal Prosecutor’s Office’s (MPF) appeal and found probable cause and an adequate description of the alleged conduct, allowing the criminal prosecution to move forward.

Schvartsman is charged with aggravated homicide and environmental crimes related to the disaster, which caused 270 deaths. The cases had been summarily dismissed by the Regional Federal Appellate Court of the 6th Region (“TRF6”) after granting the defense’s habeas corpus claim, on the grounds that there was no probable cause directly linking the former executive’s conduct to the deaths resulting from the dam collapse. According to the Court, the indictment reflected an unjustified break in the causal chain, given that Vale’s then-executive director, Peter Poppinga, who was responsible for keeping the company’s CEO informed on safety-related matters, had not been charged by the MPF.

 On that basis, the regional court found there was not “just cause” to move forward with the criminal proceeding.

The prevailing opinion at the STJ, however, was that of reporting Justice Sebastião Reis Júnior, who emphasized that dismissing criminal proceedings via habeas corpus is an exceptional measure. Reis Júnior argued that, by conducting an in-depth review of the facts and evidence, TRF6 violated Article 413 of the Code of Criminal Procedure, as the matter should have been reserved for a trial by jury. The reporting justice also stated that the indictment is not generic, as it details the facts, the environmental harm, and the defendant’s connection to the alleged crimes. He further highlighted that, according to the MPF, Schvartsman’s leadership role and failures in risk management underpin the imputation of criminal liability.

For more information, see the full STJ article.

STF rules that new standards for sharing COAF financial intelligence apply only prospectively

Brazilian Federal Supreme Court (STF) Justice Alexandre de Moraes clarified that the injunction he issued on March 27, 2026, is effective only from the date of its publication and does not apply retroactively. The ruling is connected with Extraordinary Appeal (RE) 1,537,165 – under the system of binding general repercussion (Topic 1,404) – which sets parameters for the sharing of Financial Intelligence Reports (RIFs) by the Financial Activities Control Council (COAF).

The clarification was issued in the context of the appeal, which addresses the validity –within criminal proceedings – of evidence obtained by the Public Prosecutor’s Office without prior judicial authorization or the opening of a formal investigation.
 Moraes argued that the injunction sets standards for future conduct by authorities, aiming to prevent the generic or indiscriminate use of financial data.

The parameters established include opening a formal procedure; identifying the person under investigation; demonstrating the relevance of the claim to the scope of the investigation; and prohibiting so-called fishing expeditions – i.e., indiscriminate searches for evidence. Justice Moraes stressed that prospective application safeguards legal certainty and the stability of ongoing investigations, without excluding the possibility of judicial review of the legality of evidence through casuistic review.

Finally, the reporting justice requested that the decision be informed with urgency to the courts, prosecution offices, public defender’s offices, and other justice system authorities, as well as to the Central Bank of Brazil and COAF, for immediate compliance with the guidelines.

For more information, see the full STF article.

STJ rejects generative AI report as evidence in criminal proceedings

The 5th Panel of the STJ held that reports developed through generative artificial intelligence (AI) without human review cannot be used as evidence in criminal proceedings. In the habeas corpus case reported by Justice Reynaldo Soares da Fonseca, the panel ordered the document removed from the case file.

This ruling represents the STJ’s first decision on the use of generative AI as criminal evidence. It sets an important precedent regarding the boundaries of this technology within the justice system. The case involved a racial slur complaint – allegedly, the accused was caught on video uttering an offensive term after a football match in Mirassol, São Paulo.

The Criminalistics Institute’s expert testimony based on technical, phonetic, and acoustic analyses did not confirm the use of said term.
 In response, investigators used AI tools to reanalyze the video and reached an opposite conclusion, asserting that the expression had been spoken. The AI-generated report was then used to support the São Paulo Public Prosecutor’s Office’s decision to file charges.

When assessing the document’s admissibility, the reporting justice noted that the controversy was not about how the evidence had been obtained or about the chain of custody, but rather its reliability as evidence to support a criminal charge. He argued that criminal evidence must enable the construction of logical and rational inferences about the facts, and thus requires not only legality, but also reliability.

Fonseca’s opinion highlighted the technical limitations of generative AI, which operates on probabilities and statistical patterns and may present incorrect information as factual – a phenomenon known as “hallucination.” The reporting justice also noted that the tools used by the investigators process text, not sound, making them unsuitable for a phonetic analysis of audio recordings.

Another point was the lack of any technical-scientific basis for disregarding the court-appointed expert opinion. Although a judge is not strictly bound by an expert report, the justice stressed that any divergence must be supported by sound technical criteria, which was not the case. As a result, the 5th Panel ordered the AI report struck from the record and requested a new ruling on the admissibility of the charge, without reliance on that document.

For more information, see the full STJ article.

COAF sets record-breaking RIF output and expands sanctioning efforts in 2025

In 2025, COAF significantly strengthened its sanctioning enforcement, initiating 786 Administrative Sanctioning Proceedings (PAS) and imposing BRL 96.9 million in fines for non-compliance with AML/CFT obligations (anti-money laundering, combating the financing of terrorism, and proliferation of weapons of mass destruction).

According to the 2025 Integrated Management Report (Relatório de Gestão Integrado – RGI), the sectors most affected by this sanctioning activity are concentrated in areas that present higher structural risk: luxury or high-value goods, commercial factoring, and the trade of jewelry, gems, and precious metals. Together, these sectors accounted for most of the PAS initiated and the highest volume of fines imposed. In 2025 alone, these areas accounted for nearly all of the BRL 96.9 million in fines, reflecting a rise in the average fine amount – an outcome COAF attributes to the adjudication of more sophisticated cases and to heightened regulatory expectations regarding the maturity of supervised entities.

Alongside enforcement, COAF maintained high levels of financial intelligence output, producing 20,548 RIFs based on a dataset of more than 65 million transaction notifications, of which 7.6 million were received in 2025 alone. The report, however, stresses that RIFs are intelligence inputs rather than evidence, and recipient authorities remain responsible for investigating any potential unlawful conduct.

From an operational standpoint relevant to regulated entities, COAF highlights the strengthening of risk-based supervision supported by tools such as the Electronic Compliance Assessment (AVEC), Broad Preliminary Inquiry (APA), and Objective Preliminary Inquiry (APO), as well as intensive use of technology to select, prioritize, and conduct inspections. By the end of 2025, there were 18,672 active registrations of reporting entities directly subject to COAF’s supervision, underscoring the expansion of the population potentially covered by inspections and PAS proceedings.

Overall, the 2025 RGI reflects COAF’s more selective, technical, and stringent stance, with an emphasis on higher-impact administrative accountability, the consolidation of sanctioning precedents, and the strategic use of financial intelligence and risk-based supervision.

For more information, see the full COAF article.

Gustavo Augusto steps down; Diogo Thomson assumes CADE’s presidency

An important leadership transition occurred in April 2026 for Brazil’s Administrative Council for Economic Defense (CADE) – Commissioner Gustavo Augusto Freitas de Lima stepped down as interim president, giving way to Commissioner Diogo Thomson de Andrade.

The transition takes place in a context of institutional continuity marked by the regular operation of CADE’s Administrative Tribunal and the ongoing conduct of the authority’s activities until a permanent president is appointed. This change secures the continuity of CADE’s legal duties and the stability of its enforcement efforts within the Brazilian Competition Defense System, allowing ongoing cases to proceed without disruption.

CADE executes agreement with Intelprice in algorithmic pricing investigation

CADE’s Tribunal unanimously approved the execution of a settlement agreement (TCC) with Intelprice – the developer of the Aprix pricing software – during its 263rd Ruling Session on April 8, 2026. The investigation sought to assess whether the use of this tool could generate competitive distortions in the Brazilian fuel retail market, potentially constituting an infringement of the economic order.

Aprix was designed to assist gas stations in setting retail prices for end consumers. Integrated into systems already used by gas stations, the platform collected data on prices, costs, and sales volumes; analyzed the impact of market fluctuations on demand; and suggested daily prices for each outlet in the network, with continuous monitoring of results after implementation.

After examining the software’s operation, CADE concluded that the tool enabled the exchange of competitively sensitive information among fuel retailers, with the potential to unify prices. To remedy the illegality and cease the exchange of sensitive information, which could lead to price alignment, the TCC required the withdrawal of the existing version of the software from the market.

In addition, Intelprice undertook to adopt strict procedures to segregate data on its clients’ prices and commercial strategies, especially from competitors operating in the same market. The agreement also established that Intelprice must notify CADE if its market share, or that of any company within its economic group, reaches the 20% threshold.

For more information, please access: Cade celebra acordo em investigação sobre uso de algoritmo de precificação

CADE and the Ministry of Sports enter into technical cooperation agreement

On April 9, 2026, CADE entered into a technical cooperation agreement with the Ministry of Sports to solidify joint efforts to foster competition, integrity, and transparency in the sports sector, including the sports betting market.

The five-year agreement establishes a permanent channel for technical communication between the institutions. It provides for coordinated actions, including information sharing, joint studies, and initiatives to improve regulation and competition enforcement in sports-related markets.

The agreement also provides for the promotion of events and training initiatives, the exchange of experiences between technical teams, and the joint production of educational materials and studies on regulatory best practices and sports integrity. In addition, the agreement requests cooperation in reviews and investigations in the sports betting sector to identify anticompetitive practices and prevent match-fixing, including in emerging segments such as e-sports.

According to CADE, the partnership strengthens coordination between sectoral regulation and competition enforcement amid increasing digitalization and economic complexity in sports, fostering greater legal certainty, preventing competitive distortions, and promoting a more competitive, transparent, and integrity-driven environment for economic agents and consumers.

For more information, see the full Technical Cooperation Agreement.

CADE upholds fine against WhatsApp and decides to file administrative proceedings against Google

CADE’s Tribunal reviewed two relevant cases involving major digital platforms during its 264th Ruling Session on April 23, 2026. The Tribunal upheld the daily fine imposed on Meta for non-compliance with an interim measure and decided to initiate administrative proceedings against Google.

In the first case, CADE’s Tribunal unanimously upheld the daily fine imposed on Meta by CADE’s General Superintendence (GS) due to non-compliance with an interim measure. The measure required the suspension of new WhatsApp Business Terms of Use that ban AI service providers and developers from accessing or using the app’s ecosystem to offer services. The measure also prohibits actions that, directly or indirectly, could produce equivalent exclusionary effects by restricting access to the WhatsApp Business ecosystem for such providers.

The citation was issued after the GS found that Meta had amended WhatsApp Business’s terms and conditions to enable charges for messages sent by AI chatbots to Brazilian users while the interim measure was still in force. CADE claimed that these changes could, even if indirectly, reproduce exclusionary effects similar to those targeted by the interim measure.

In upholding the GS’ fine, Reporting Commissioner Carlos Jacques emphasized that compliance with the order required not only the formal suspension of the new terms but also the adoption of effective measures to allow previously excluded chatbots to resume operations under the same conditions that existed before the changes in the terms of use.

In the same session, CADE’s Tribunal also ruled to initiate administrative proceedings against Google to further investigate competitive conditions in the online search market and in digitally related news markets, particularly with respect to Google’s use of content produced by news publishers.

Commissioner Diogo Thomson, in his winning vote, argued that the conduct under investigation since 2019 cannot be limited to Google’s use of snippets. This practice alone could already divert traffic from news outlets. The analysis must now also encompass the integration of generative AI capabilities into the search platform, enabling information synthesis directly within the search interface. The investigation will therefore continue to assess potential abuse of a dominant position by Google.

For more information, please access: Cade mantém multa diária contra Meta e WhatsApp por descumprimento de medida preventiva and Tribunal do Cade termina julgamento de inquérito contra o Google sobre uso de conteúdo jornalístico

CADE initiates administrative proceedings against Latam and Gol

On April 28, 2026, Cade initiates administrative proceedings to investigate potential anticompetitive practices in the domestic air passenger transport market. The proceedings target Gol Linhas Aéreas and TAM Linhas Aéreas (Latam), which are suspected of engaging in aligned pricing on strategic domestic routes.

The case originated in 2023 with a complaint filed by the Federal Prosecutor’s Office, which submitted evidence suggesting that the two airlines were charging extremely similar prices on certain routes, such as Rio de Janeiro (Santos Dumont Airport) – São Paulo (Congonhas Airport). The General Superintendence’s investigation revealed that the companies’ prices change in a synchronized and persistent manner across all routes analyzed. The investigation seeks to determine whether this parallel conduct results from independent business decisions or from mechanisms that facilitate tacit coordination, particularly through algorithms and shared databases.

It also reviews contracts maintained by both airlines with suppliers of market intelligence solutions and AI-based dynamic pricing tools. According to CADE, such platforms may pose risks connected to the exchange of commercially sensitive information.

CADE’s General Superintendence emphasized that the Brazilian airline sector presents conditions particularly conducive to this type of risk, given its high market concentration and the broad availability of pricing and demand information. In this context, the convergence of rival airlines’ pricing tools may aggravate harmful conduct toward consumers.

For more information, please access: Cade instaura processo administrativo para investigar possível alinhamento de preços no mercado aéreo de passageiros

MERCOSUR – European Union Agreement: Provisional entry into force

On May 1, 2026, the Interim Trade Agreement between the Southern Common Market (“MERCOSUR”) and the European Union (“EU”) entered into force on a provisional basis, marking the culmination of more than two decades of negotiations between the two blocs. Together, they represent a gross domestic product (GDP) of over USD 22 trillion, and a population of approximately 720 million people spread across 31 countries. The enactment was made official with the publication – in the Federal Official Gazette, on April 28, 2026 – of Decree No. 12,953, following unanimous approval by the Brazilian Senate on March 4 (Legislative Decree No. 14 of 2026, published on March 17, 2026), as well as formal notification to the European Commission on March 18, and reciprocal notification from the EU to Brazil on March 24 of the same year.

The treaty was divided into two separate instruments with independent procedures:

Therefore, as of May 1, 2026, the EU will eliminate import tariffs on more than 5,000 products, representing approximately half of the tariff schedule. Over the course of implementation, the agreement could achieve the liberalization of more than 90% of bilateral trade, expanding access for Brazilian exports to a market of approximately 450 million consumers.

In aggregate terms, the EU will eliminate tariffs on 92% of MERCOSUR’s exports, valued at approximately USD 61 billion, and will grant preferential access to another 7.5% – equivalent to USD 4.7 billion –, thus benefiting almost all of the bloc’s exports to the European market.

Read the factsheet on the agreement.

SECEX initiates new anti-dumping investigations and reviews

In April 2026, the Secretariat of Foreign Trade (“SECEX”) initiated a sunset review of an anti-dumping duty, two original anti-dumping investigations, and applied two new definitive measures, as follows:

• Investigation into dumping and injury in Brazilian imports of soy protein originating in China
  • Opening: SECEX Circular Letter No. 28, of April 13, 2026
  • Product: Soy protein, classified under subheadings 2106.10.00, 3504.00.20, and 3504.00.90 of the MERCOSUR Common Nomenclature (“NCM”).
• Investigation into dumping and injury in Brazilian imports of reciprocating compressors for refrigeration, originating in China
  • Opening: SECEX Circular Letter No. 34, of April 29, 2026
  • Product: Reciprocating compressors for refrigeration, classified under subheading 8414.30.11 of the NCM.
• Sunset review of the anti-dumping duty imposed on Brazilian imports of blood collection tubes originating in China, the United States of America, and the United Kingdom
  • Opening: SECEX Circular Letter No. 32, of April 28, 2026
  • Product: Plastic vacuum blood collection tubes, commonly classified under NCM subheadings 3822.19.90, 3926.90.40, and 9018.39.99.
• Imposition of an anti-dumping duty on Brazilian imports of ethanolamines originating in China
  • Opening: RESOLUTION GECEX No. 875, OF APRIL 1, 2026
  • Product: Ethanolamines (monoethanolamines and diethanolamines), commonly classified under subheadings 2922.11.00 and 2922.12.00 of the NCM.
• Imposition of anti-dumping duties on Brazilian imports of polyethylene resins originating in Canada and the United States of America
  • Opening: Resolution No. 876, of April 13, 2026
  • Product: Polyethylene resins (ethylene polymers, in primary forms, unfilled, with and without additives, with and without pigments), commonly classified under subheadings 3901.10.30, 3901.20.29, and 3901.40.00 of the NCM.

WTO: New notifications of the initiation of safeguard investigations

Over the course of April, Canada, India, Madagascar, Zimbabwe, Morocco, and the Philippines notified the World Trade Organization (WTO) of the initiation of the following safeguard investigations:

• Canada: Certain wood products (access notification);
• India: Soda ash (access the notification);
• Madagascar: Certain types of juice, nectars, and non-alcoholic beverages (access the notification);
• Madagascar: Certain tableware, kitchenware, household and packaging items (access the notification);
• Zimbabwe: Fiberboards (access notification);
• Zimbabwe: Doors (access the notification);
• Morocco: Certain types of rice (access notification);
• Philippines: Rice (access the notification).