The Treasury Department's Financial Crimes Enforcement Network (FinCEN) has issued an advisory alert for financial institutions concerning the potential flow of money from Venezuela to the United States due to political instability surrounding widespread corruption in the South American nation.
The Internal Revenue Service (IRS) has just obtained specialized software for identifying users of bitcoins and other virtual currency. According to a work contract obtained through a Freedom of Information Act request by The Daily Beast, the IRS hopes to use this software "to identify and obtain evidence on individuals using bitcoin to either laundry money or conceal income as part of tax fraud or other Federal crimes."
The Financial Crimes Enforcement Network (FinCEN) announced on August 22, 2017 that it will be targeting shell companies purchasing luxury properties for $2 million or more in the California counties of San Diego, Los Angeles, San Francisco, San Mateo, or Santa Clara. Luxury property purchases in certain counties in Texas, Florida, New York, and Hawaii will also be under scrutiny per FinCEN's recent Geographic Targeting Order.
The Internal Revenue Service Criminal Investigation (IRS-CI) team was recently recognized by the Financial Crimes Enforcement Network (FinCEN) at its third annual Law Enforcement Awards ceremony on May 9, 2017, for the IRS-CI's cyber security work investigating the sale of narcotics on the dark web. Certain targets were identified by the financial information involved in these illegal sales, despite their efforts to conceal the proceeds using Bitcoins and Bitcoin laundering.
Today the Financial Crimes Enforcement Network (FinCEN) issued an advisory to financial institutions to draw attention to two lists of jurisdictions that were recently updated by the Financial Action Task Force (FATF).
As readers of this blog may know, a conviction on charges of federal tax crimes can lead to serious jail time. In addition to prison time, those found guilty often have to pay heavy fines and penalties. All in all, conviction of tax crimes can potentially cost a person just about everything that he or she owns, including basic freedoms. Unfortunately, the founder of a Northern California technology company is facing exactly this situation. The man's attorney, however, has indicated that an appeal is in the works.