Tax Evasion
UK taxman seizes NFTs in a $1.89 million tax fraud probe
The UK tax authority seized three NFTs in relation to suspected VAT fraud Three persons have been arrested in connection to the incident The HMRC cautioned against attempts to conceal assets using crypto The United Kingdom’s tax authority, Her Majesty’s Revenue and Customs (HMRC) has conducted an NFT seizure in a suspected event of VAT repayment fraud. According to a report first sent out by BBC, the HMRC confiscated three NFTs & $6,750 worth of other crypto assets and arrested three individuals with alleged involvement in the $1.89 million swindling attempt. The tax authority did not reveal the names of the individuals but said they used 250 illegitimate firms to conduct the suspected fraud. Following the apprehensions, the authorities have established an investigation into the f...
Femi Falana: EFCC can mandate bank MDs, executives to declare assets
The Economic and Financial Crimes Commission (EFCC) is charged with the responsibility of enforcing the provisions of all laws relating to economic and financial crimes, Africa’s leading human rights lawyer, Mr. Femi Falana (SAN) has said. Consequently, according to the senior advocate, the anti-graft commission is empowered to cause investigations to be conducted into the properties of any person as stipulated under Section 7 (1) (b) of the EFCC Act, 2004. Also yesterday, Transparency International (TI) argued that if the provisions of the Bank Employees, etc. (Declaration of Assets) Act, 1986 were effectively enforced, Nigeria could save between $15 billion and $18 billion illicit financial flows (IFFs) annually. Falana clarified the roles of the EFCC in a response to inquiries on whethe...
Crypto ban: We acted in Nigerians’ best interest – CBN
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the Bank’s decision to prohibit deposit money banks, non-banking institutions, and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Mr Emefiele made the declaration on Tuesday, February 23, 2021, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and...
