Easy access to all the Government news updates

Subscribe and receive personalized news articles straight in your inbox

*By clicking "Join us now" you agree to receive emails, promotions and general messages from ExecutiveGov. In addition, you also agree to ExecutiveGov's Privacy Policy and Terms & Conditions.

x
/

J5 Unveils Intelligence Bulletin to Warn of Risks Linked to Non-Fungible Tokens

1 min read

The Joint Chiefs of Global Tax Enforcement has issued a bulletin to warn financial institutions, law enforcement employees and citizens of risks associated with non-fungible tokens.

The J5 NFT Marketplace Red Flag Indicators document also lists several best practices adopted by J5 countries when it comes to NFTs, the Internal Revenue Service said Thursday.

This paper provides a suite of indicators that financial institutions can reference to help them identify illicit financial activity concerning NFTs. It’s intended to be the first of many that can be used by financial institutions to assist in the fight against tax crime and money laundering involving virtual assets,” said Will Day, chief of J5 and deputy commissioner at the Australian Taxation Office.

This report is a unique and progressive initiative and the J5 looks forward to working closer with the virtual assets industry to meet the rapidly evolving and highly complex environment which we share,” added Day.

ExecutiveGov Logo

Sign Up Now! Executive Gov provides you with Free Daily Updates and News Briefings about Government Technology