British tax authorities in London said on Monday that they had made their first seizure of non-fungible tokens in a crackdown on suspected criminal activity to hide cash.
Her Majesty’s Revenue and Customs seized three NFTs after investigating an attempt to defraud public coffers of 1.4 million pounds ($1.9 million).
Around 5,000 pounds of other cryptographic assets were also seized.
The investigation also led to the arrest of three people for alleged value-added tax refund fraud involving 250 bogus companies.
Nick Sharp, deputy director of economic crimes at HMRC, said the seizures of the NFTs, which had not yet been evaluated, served as a warning to anyone who thought they might use cryptocurrencies to hide money.
“We constantly adapt to new technologies to ensure we keep up with how criminals and evaders seek to hide their assets,” he said in a statement.
NFTs are a crypto asset that uses blockchain to record the ownership status of digital files such as images, videos and even items in online games.
Source: CNN Brasil
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