U.K Police Seize £114M in Bitcoin Tied to Money Laundering
Matthew De Saro, 26 June 2021
Scotland Yard announced the seizure of £114 Million ($158 million) from a suspected money-laundering operation.
The U.K.’s Metropolitan Police announced today the force’s biggest cryptocurrency confiscation to date and one of the largest in the world. The nearly $160 million dollars confiscated are more than double the amount seized by Scotland Yard in all of 2020. The money seized is allegedly tied to a money-laundering ring that officials have been investigating. Continue reading “Article: U.K Police Seize £114M in Bitcoin Tied to Money Laundering”
US Treasury Plans to Raise Additional $700B Through New Tax Compliance Measures
Matthew De Saro, 20 May 2021
The United States Treasury Department released a statement on Thursday announcing their plans to crack down on tax evasion using cryptocurrency. The Treasury Department plans to raise an additional $700 billion through the new tax compliance measures.
In the 22-page report, officials highlighted a number of policies to grow enforcement aimed at combating the expanding tax gap. The tax gap is the calculated difference between what taxpayers are paying and what they actually owe. Currently, the tax gap is around $600 billion annually.
The Internal Revenue Service (IRS) commissioner, however, believes the number could exceed $1 trillion when cryptocurrencies are taken into account. The policies identified include increased reporting requirements, new auditor tools, and new rules specific to cryptocurrencies.
Closing the gap
The plan will require any transfer of $10,000 or more will be reported to the IRS and could raise as much as $2 trillion over the next 20 years. Just getting close to closing that gap could be a huge step in funding President Biden’s multi-trillion-dollar spending proposals. Proposals aimed at bettering childcare, manufacturing, and other domestic priorities.
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