US, UK, Canada, Australia, Netherlands Share Crypto Crime Clues, Including Potential $1B Ponzi Scheme – Regulated Bitcoin News

Officials from the U.S., U.K., Canada, Australia and the Netherlands shared data and identified more than 50 leads on crypto-related crimes, including a possible $1 billion Ponzi scheme.

Officials share global encrypted crime data

Tax enforcement leaders from the Global Joint Conference on Tax Enforcement (J5) countries met in London this week to share intelligence and data to identify the source of illegal cross-border crypto activity, Bloomberg reported Friday.

J5 was created in response to the Organization for Economic Co-operation and Development (OECD) call for more action by countries to combat tax crime. It consists of the Australian Taxation Office (ATO), Canada Revenue Agency (CRA), Fiscale Inlichtingen-en Opsporingsdienst (FIOD), HM Revenue and 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 conveyed.

Jim Lee, head of criminal investigations at the Internal Revenue Service (IRS), told reporters on Friday:

Some of these clues… involve individuals in our jurisdiction who conduct significant NFT transactions around potential tax or other financial crimes.

One thread “appears to be a $1 billion Ponzi scheme,” he added, noting that the thread “involves every J5 country.”

In addition, officials have identified leads involving decentralized exchanges and fintech companies, Lee said, adding that “significant targets” could be announced as early as this month.

Niels Obbink, head and general manager of the Netherlands Fiscal Information and Investigation Office (FIOD), told reporters:

NFTs are one of the new modern digital ways of trade-based money laundering.

Obbink noted that cryptocurrencies “have less control and oversight, limited regulation, and are therefore vulnerable to fraud.” “It has to get our attention,” he stressed.

What do you think about the countries where encrypted criminal data is shared? Let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.




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