JBS Listing on NYSE Raises US Money Laundering Violation Concerns

Brazilian meat giant JBS has completed a controversial dual listing on the New York Stock Exchange (NYSE), aiming to increase liquidity and challenge US-based Tyson Foods as a global leader. However, the listing has drawn criticism over governance concerns, with the Batista brothers increasing their control to nearly 85% voting power amid shareholder unease. Environmental groups, notably Mighty Earth, have submitted legal notices warning the NYSE that JBS profits from cattle raised on illegally deforested land in Brazil, potentially violating US Anti-Money Laundering laws by facilitating the distribution of proceeds from criminal conduct. These groups argue that JBS continues to benefit from links to illegal deforestation and associated violence in Indigenous territories, raising sustainability and ethical concerns about transparency and compliance. Senator Elizabeth Warren has also expressed concerns over JBS’s political donations influencing the listing approval. Despite the backlash, investors have largely focused on the stock’s financial upside rather than governance and environmental risks.