Officials from the US, UK, Canada, Australia and the Netherlands have shared data and identified more than 50 crypto-related criminal leads, including a case that may be a Ponzi scheme. a billion dollars.
Officials share data on global crypto crime
Tax enforcement officials from the Joint Chiefs of Global Tax Enforcement (J5) countries met in London this week to share intelligence and data to identify sources of illegal cross-border crypto activity, reported Bloomberg Friday.
The J5 was formed in response to the call to action by the Organization for Economic Co-operation and Development (OECD) for countries to do more to tackle the drivers of tax crime. It is made up of the Australian Taxation Office (ATO), Canada Revenue Agency (CRA), Fiscale Inlichtingen- en Opsporingsdienst (FIOD), HM Revenue & Customs (HMRC) and the Internal Revenue Service Criminal Investigation (IRS-CI).
During the meeting, officials identified more than 50 crypto-related criminal leads, the publication said.
Jim Lee, chief of criminal investigations at the Internal Revenue Service (IRS), told reporters on Friday:
Some of these leads… involve individuals with significant NFT transactions related to potential tax or financial crimes in all of our jurisdictions.
He added that one lead “appears to be a billion dollar Ponzi scheme”, noting that this lead “affects every J5 country”.
Additionally, officials have identified leads involving decentralized exchanges and fintech companies, Lee said, adding that there could be announcements of “significant targets” as early as this month.
Niels Obbink, head and general manager of the Dutch Tax Information and Investigation Service (FIOD), told reporters:
NFTs are one of the new modern digital means of commerce-based money laundering.
Obbink noted that the crypto has “less control and less oversight and limited regulation which makes it vulnerable to fraud.” He stressed, “this must have our attention.”
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