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Topic: UK makes first seizure of NFTs in tax crackdown ($ 1.9 million fraud) - page 2. (Read 253 times)

copper member
Activity: 2856
Merit: 3071
https://bit.ly/387FXHi lightning theory

Now we can see people using NFT for tax evasion and money laundry.


It makes NFTs seem even more like art now Wink.

It's probably harder to track laundering with assets that have fluctuating value too like art pieces so it can go quite well hidden.

I wonder what'll happen to the nft now though, i imagine it'd be hard to auction.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
Now we can see people using NFT for tax evasion and money laundry.

NFT are actually far better at money laundering than any crypto, I remember these ones, the fake 69 billion auction  and then the other half billion!! one
With BTC at least the old story I've mined in 2009 some coins and I just got them back is not really following anyone anymore (like in the bitfinex case just a few days ago), but with NFT,  create some jpgs, have your buddies buy them for thousands and hundreds of thousands and suddenly the revenue is legit, at least on the surface.

But when I read 250 fake companies and 1.9 million in tax evasion, that must be the tip of a really huge iceberg, just $8000 per company I don't think so, once they start digging I'm sure the numbers will go up by at least one order of magnitude if not more.
hero member
Activity: 1498
Merit: 547
Top Crypto Casino
People will always find a way to launder their money and avoid their tax. I guess it's about time they also used NFT as a way to do so Cry . I kinda expect it already as they already used bitcoin and other crypto to do so. The NFT Market right now is too big and mainstream which might also the reason why these people used it. But just as the report said "We constantly adapt to new technology to ensure we keep pace with how criminals and evaders look to conceal their assets,". Authorities will also find a ways to expose these people and avoid these from happening.
legendary
Activity: 3122
Merit: 1102
Leading Crypto Sports Betting & Casino Platform
wow, just look at the numbers here. 3 people, 250 fake companies? fraudsters are really doing great job. but to their unlucky strike, they were caught red-handed. the article didn't elaborate how HMRC found this money laundering scheme.
but it's true, this NFT market could really be one route to hide money, you can sell and buy your own NFT without anybody's knowledge, if you know how to cover your tracks, if your aim is to really "wash" your dirty money.
this will be another blow to the NFT market, as media usually highlight the bad publicity. but am still with NFT as many struggling artists and personalities can utilise this platform to showcase what they've got under their sleeves.
legendary
Activity: 2352
Merit: 6089
bitcoindata.science
https://www.reuters.com/world/uk/uk-makes-first-seizure-nfts-tax-crackdown-2022-02-14/
Quote
UK makes first seizure of NFTs in tax crackdown

British tax authorities said on Monday they had made their first seizure of non-fungible tokens in a crackdown on suspected criminal activity to hide money.

Her Majesty's Revenue & Customs seized three NFTs after investigating an attempt to defraud the public coffers of 1.4 million pounds ($1.9 million).

Around 5,000 pounds worth of other crypto assets were also seized.

The probe also led to the arrest of three people for alleged value added tax repayment fraud involving 250 fake companies.

Now we can see people using NFT for tax evasion and money laundry.

We are about to see a lot of new laws and regulations related to bitcoin, cryptocurrency and NFT.
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