Tag Archives: currency

IRS Announces Audit Campaign Focusing on Virtual Currency Transactions, But No Voluntary Disclosure Program to Address Non-Compliance

Earlier this week the Internal Revenue Service announced creation of a virtual currency compliance initiative that will focus on tax compliance by taxpayers engaging in virtual currency transactions. The IRS intends to address non-compliance in this area by conducting audits … Continue reading

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CBP Sued Over Currency Seizure Practice

[Note: Updated to properly identify the organization supporting the litigation.]I often tell students and other lawyers that the great thing about my practice is the lack of human drama. In most cases, getting to the right result in a dispute … Continue reading

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NFA Sends U.S Treasury OFAC Virtual Currency Compliance Notice to Members

Last week the NFA sent a notice regarding the Department of Treasury's Office of Foreign Assets Control (OFAC) as it applies to Virtual Currency such as Bitcoin. The NFA urges its Futures Commission Merchants (FCM) and Introducing Brokers (IB's) to … Continue reading

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Taking a byte at financial crime: New AML/CTF guidance and timelines for digital currency exchanges

Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulator, AUSTRAC, has released its guidance with respect to new laws that require digital currency exchange (DCE) providers to register and comply with AML/CTF obligations. AUSTRAC takes a broad approach in interpreting what … Continue reading

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