Cryptocurrency & Money Laundering
UK IRS wants to implement blockchain analytics tool to make it easier to identify cybercriminals using cryptocurrency.
Her Majesty’s Department of Revenue and Customs (HMRC) plans to use it to track transactions of digital currencies, which are most often chosen for tax evasion and money laundering..
In particular, HMRC is looking for a solution that would allow monitoring at least seven cryptocurrencies: Bitcoin, Ether, XRP, Bitcoin Cash, Litecoin, Ethereum Classic, and USDT. However, the department is even more interested in technology that will help track sensitive coins such as Monero, Zicash and Dash..
IRS is willing to spend £ 100K licensing a suitable tool and hopes to contract a potential solution developer by February 17.
According to HMRC, the problem with blockchain tracking of criminal activity is that, despite having public access to transactions, the participants doing them usually do not compromise themselves. Therefore, the tax department needs a data collection tool to identify and cluster transactions in order not only to track the movement of funds, but also to identify those, who is involved in illegal traffic.
Great Britain began to watch very closely and beyond the cryptoindustry. In 2019, the number of investigations by the UK Financial Conduct Authority (FCA) related to the cryptocurrency business increased by 74%.
text: Ivan Malichenko, photo: cloudfront