🔴The Joint Chiefs of Global Tax Enforcement have issued a warning on the use of cryptocurrency payment processors and OTC desks for money laundering and sanctions evasion.

The group bases its warnings on the increase of Suspicious Activity Report (SAR) filings related to such systems, which have risen starkly over the past ten years. 

"Cryptocurrency payment processors pose significant risks and unknown threats to the integrity of the global financial system," the group concludes.

However, the group omits that the mere filing of a SAR is often not indicative of actual crime occurring. Research based on statistics released by the IRS shows that less than 0.3% of filed SARs have led to further investigation. 

More SARs != more crime.

The Joint Chiefs of Global Tax Enforcement (J5) is a joint operational group formed in mid-2018 to combat transnational tax crime between US, Australian, UK, Canadian, and Dutch tax authorities.

https://blossom.primal.net/6b4ea4e19459e1dd4d60f8babe3594e73952b9bac6bd1331145cdacbcd418cf0.jpg