The Joint Chiefs of Global Tax Enforcement, a group of five national tax authorities including the Internal Revenue Service’s Criminal Investigation unit, along with the U.K., Canada, Australia and the Netherlands, issued a pair of advisories explaining how over-the-counter cryptocurrency trading desks and cryptocurrency payment processors can be used to hide and move funds tied to criminal activity.

Processing Content

The advisory on OTC crypto trading desks notes that they can help clients conceal illicit activity and bypass anti-money laundering controls. Recent estimates suggest the platforms enable individuals to buy and sell digital assets outside a public exchange and account for a large share of cryptocurrency trading activity,…