US, UK, Canada, Australia, Netherlands Share Crypto Crime Leads Including Potential $1 Billion Ponzi Scheme


Officials in the US, UK, Canada, Australia and the Netherlands shared data and identified more than 50 clues to crypto-related crimes, including one that could be a billion-dollar Ponzi scam.

Public Officials Share Data on Global Crypto Crimes

Tax enforcement officers from the Joint Chiefs of Global Tax Enforcement (J5) countries met in London this week to share information and data to identify the source of illicit cross-border cryptographic activity, Bloomberg reported Friday.

The J5 was formed in response to the Organization for Economic Cooperation and Development (OECD) call to action to encourage countries to do more to combat the factors that promote tax crime. It consists of the Australian Taxation Office (ATO), Canada Revenue Agency (CRA), FIOD (Fiscale Inlichtingen-Opsporingsdienst), HMRC (HM Internal Revenue Service), and IRS-CI.

At the meeting, officials said they identified more than 50 clues to crypto-related crimes, the publication said.

IRS chief of criminal investigation, Jim Lee, told reporters on Friday.

Some of these leads… include individuals throughout our jurisdictions with significant NFT transactions related to potential tax or other financial crimes.

He added that one clue “appears to be a $1 billion Ponzi scam” and that the clue “affects all J5 countries.”

The official also confirmed clues related to decentralized exchanges and financial technology companies, adding that there could be an announcement about “important goals” as early as this month.

Niels Obink, director of the Dutch Bureau of Financial Information and Investigation (FIOD), told reporters:

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

Obbink noted that cryptocurrencies have “less controls and limited regulation that makes them vulnerable to oversight and fraud.” “We need our attention,” he stressed.

What do you think about countries sharing data on crypto-criminals? Let us know in the comments section below.

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Kevin Helms

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 of economics and cryptography.

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