Five-country joint tax enforcement agencies: $1 billion cross-border financial crime involving NFTs to be revealed this month

According to Bloomberg, the Joint Chiefs of Global Tax Enforcement (J5) from five countries have stated that they have obtained over 50 leads on cryptocurrency tax crimes and will initiate formal investigations, including a $1 billion Ponzi scheme.

Supplement: What is trade-based money laundering?

According to the Financial Action Task Force (FATF) research on "Trade-Based Money Laundering" on June 23, 2006, Trade-Based Money Laundering (TBML) is defined as: "The process of using trade activities to disguise and transfer the proceeds of crime, attempting to legitimize income from illegal sources."