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Global Tax Chiefs Target NFT Money Laundering Schemes

By Koos Couvée

Tax leaders from the United States, Britain, Canada, Australia and the Netherlands on Friday disclosed the prospect of dozens of cross-border investigations into tax evasion and related money laundering schemes through non-fungible tokens, or NFTs. NFTs, a type of online security that includes digital works of art, autographed memorabilia and other products created and traded on the blockchain, have recently spiked in popularity, prompting national regulators and officials on both sides of the Atlantic to warn about their potential use in illicit finance. Jim Lee, head of IRS Criminal Investigation, said at the conclusion of the latest J5 [Joint Chiefs...

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