HMRC said it is 'warning to anyone who thinks they can use crypto assets to hide money.'
The UK's tax body seized three non-fungible tokens and arrested three people on suspicion of attempting to defraud it of £1.4 million.to report the newsHM Revenue and Customs said the move was part of a probe into a suspected Value Added Tax fraud involving 250 alleged fake companies. VAT is a broadly based consumption tax assessed on the value added to goods and services.
Authorities around the world are on high alert about the potential for dodgy dealings involving NFTs. Earlier this month, the Treasury Department in the USWhile NFTs may be used in financial crimes, the blockchain analysis firm Chainalysisthat the amount of illicit funds laundered through them remains relatively small compared to total crypto-based financial crime.
Illicit wallet addresses sent about $1.4 million to NFT marketplaces in Q4 2021 whereas an estimated $8.6 billion of cryptocurrency was used to launder funds in all of 2021.
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