Co-Heads of Global Tax Enforcement Watch NFTs


The Joint Chiefs of Global Tax Enforcement (J5) has released an intelligence bulletin called “J5 NFT Marketplace Red Flag Indicators” which warns banks, law enforcement and private citizens of the dangers of non-fungible tokens (NFTs), according to a press release from the agency.

The document “lists things that should cause concern when dealing with NFTs or considering buying one” of the five J5 countries – Australia, Canada, Netherlands, UK and States States – based on their relationship to NFTs. in various federal and international investigations, the statement said.

“This space is changing so rapidly and technologies and products have the ability to become the ‘next big thing’ without any due diligence or regulation from the creator of the product,” said J5 Crypto Group Head and Agent Oleg Pobereyko. special in Version. “We tried to develop a product that would help keep people safe while law enforcement catches up with those particular concerns.”

Red flags with crypto are not limited to the United States; there are also international problems.

“Cryptocurrency is growing in popularity in Australia, and many are choosing to invest as part of their portfolio,” Australia’s Deputy Commissioner for Revenue and Head of the J5, Will Day, said in the statement. “This document provides a series of indicators that financial institutions can refer to to help them identify illicit financial activities regarding NFTs.”

The aim of the J5 is to strengthen collaboration to fight international tax crime. Next month, J5 members will gather in London, England for various meetings, including the J5 Challenge. The event brings together experts from each country to leverage data from a variety of open and investigative sources available for each country, including offshore account information, according to the release.

Meanwhile, Goldman Sachs’ interest in potential uses for cryptocurrency beyond simply buying and selling cryptos like bitcoin continues to grow, which means the tokenization of real assets at the help of NFT has great potential.

Read more: Goldman’s interest in NFTs could accelerate the tokenization of real assets



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