The US Internal Revenue Service could seize cryptocurrency valued at billions of dollars that is linked to tax fraud and other crimes in the coming year, the agency’s head of criminal investigations said.
The IRS seized $3.5 billion worth of cryptocurrencies in the fiscal year 2021, a figure that accounted for 93 per cent of all the assets seized by tax enforcement that year, an IRS criminal investigation annual report published on Thursday said.
“I expect a trend of crypto seizures to continue as we move forward into fiscal year ‘22,” IRS criminal investigation chief Jim Lee said.
“We’re seeing crypto involved in a number of our crimes as we move forward.”
In the past year, the IRS’s criminal unit seized billions of dollars worth of Bitcoin and other virtual currencies connected to cases involving criminal activities such as wire fraud, money laundering, the distribution of illegal narcotics, and tax fraud.
That included $1bn stolen from Silk Road, an online Bitcoin exchange that was shut down in 2013.
The unit also prosecuted a former Microsoft software developer who used cryptocurrency to hide $10 million he embezzled from the company.
The criminal investigation unit “has prioritised training and the deployment of cryptocurrency, blockchain and open-source intelligence technologies to unravel complex cyber-financial criminal schemes", the report said.
To further those efforts, the unit is opening an advanced collaboration and data centre in Northern Virginia in 2022.
Congress recently granted the IRS more ability to watch over cryptocurrency transactions in the infrastructure package US President Joe Biden signed into law on Monday.
The law will require cryptocurrency brokers to track and report transactions to the IRS in an effort to give tax authorities more visibility into virtual currency trades.
The agency could also benefit from another $80bn in funding that Democrats are proposing in Mr Biden’s Build Back Better plan, which could be voted on in the House as soon as Thursday.
Mr Lee said the money was desperately needed in his unit to hire between 250 and 300 more special agents, and invest in systems to identify and track cyber crimes.
More crypto news
Meanwhile, Crypto.com will replace Staples as the title sponsor of downtown Los Angeles’s arena, the most recent high-profile sponsorship move by the Singapore-based cryptocurrency exchange.
Owned and operated by Anschutz Entertainment Group, the venue will unveil its new name on Christmas day during a Los Angeles Lakers home game, the company said.
The naming rights are rumoured to be worth more than $700m over 20 years.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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Federer's 19 grand slam titles
Australian Open (5 titles) - 2004 bt Marat Safin; 2006 bt Marcos Baghdatis; 2007 bt Fernando Gonzalez; 2010 bt Andy Murray; 2017 bt Rafael Nadal
French Open (1 title) - 2009 bt Robin Soderling
Wimbledon (8 titles) - 2003 bt Mark Philippoussis; 2004 bt Andy Roddick; 2005 bt Andy Roddick; 2006 bt Rafael Nadal; 2007 bt Rafael Nadal; 2009 bt Andy Roddick; 2012 bt Andy Murray; 2017 bt Marin Cilic
US Open (5 titles) - 2004 bt Lleyton Hewitt; 2005 bt Andre Agassi; 2006 bt Andy Roddick; 2007 bt Novak Djokovic; 2008 bt Andy Murray
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Benjamin Mendy (Monaco) - £51.75m (Dh247.94m)
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Bernardo Silva (Monaco) - £45m
Ederson Moraes (Benfica) - £36m
Danilo (Real Madrid) - £27m
Douglas Luiz (Vasco de Gama) - £10.8m
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Players Selected for La Liga Trials
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Results
7pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Dirt) 1,600m; Winner: RB Kings Bay, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
7.30pm: Maiden (PA) Dh 70,000 (D) 1,600m; Winner: AF Ensito, Fernando Jara, Mohamed Daggash
8pm: Maiden (PA) Dh70,000 (D) 1,400m; Winner: AF Sourouh, Tadhg O’Shea, Ernst Oertel
8.30pm: Maiden (PA) Dh70,000 (D) 1,800m; Winner: Baaher, Fabrice Veron, Eric Lemartinel
9pm: Maiden (PA) Dh70,000 (D) 2,000m; Winner: Mootahady, Antonio Fresu, Eric Lemartinel
9.30pm: Handicap (TB) Dh70,000 (D) 2,000m; Winner: Dubai Canal, Tadhg O’Shea, Satish Seemar
10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m; Winner: Harrab, Bernardo Pinheiro, Majed Al Jahouri
