In a recent article for Expert Witness Journal, Senior Consultant to CRA Paul Doxey explains how cryptocurrencies are used to launder illicit funds and how this affects the asset tracing work done by forensic accountants.
The paper provides background on cryptocurrencies and the financial crime risks associated with them, in particular the degree of anonymity offered by the technology, which allows illicit online activity to take place undetected. Mr. Doxey explains the specific techniques forensic accountants can use to investigate cryptocurrency transactions, arguing that cryptocurrencies can be an asset, not an obstacle, for the forensic accountant, as every transaction is recorded in the blockchain for all to observe and analyze. Once cryptocurrency technology is understood, the forensic accountant can use a range of traditional and new tools to crack open transaction secrets.
Changing incentives around export voluntary self-disclosures
What companies are impacted? All US companies exporting goods, as well as non-US companies exporting/re-exporting/transferring goods subject to US jurisdiction...