All eyes have been on Italy recently where rumours of leather companies being involved in illegal financial activities have set tongues wagging in the market. The same may now be about to happen in Brazil following the arrest of 19 people in three states over suspected money laundering.

The police operation saw the arrest of both senior managers from Brazilian companies and officials from foreign firms. Switzerland’s USB Credit Suisse banks as well as employees from US insurance firm AIG are thought to be involved as well as, according to unofficial sources cited in the local media, a Brazilian leathergoods company and a high-end furniture manufacturer factory.

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