Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
The Attorney’s Office for the Southern District of New York, referred to as the SDNY, is working hard to investigate, track, and recover the funds related to the crash of FTX.
According to US Attorney and the federal prosecutor in the case against FTX and the former CEO Sam Bankman-Fried, Damian Williams, the State’s Attorney’s Office has formed a task force to probe the exchange to explore corruption, fraud, and money laundering in the exchange. According to Williams, the SDNY is working tirelessly and “around the clock” to resolve matters in the case. he noted:
“The Southern District of New York is working around the clock to respond to the implosion of FTX. It’s an all-hands-on-deck-moment. We are launching the SDNY FTX Task Force to ensure that this urgent work continues, powered by all of SDNY’s resources and expertise until justice is done.”
Williams and the SDNY noted that the task force, set to seek justice for FTX users caught up in the crash, is a team of senior prosecutors with specialties in public corruption, securities and commodities fraud, national crime, and money laundering. This team of skilled prosecutors will be involved in the investigation of the FTX collapse, including probing statements, money movements, and correspondence. The team will also be used to trace and attempt to recover the funds including Bitcoin and other digital currencies that went missing in the lead up to the crash.
The Manhattan US Attorney’s Office has also been looking into the crash of FTX, launching its first investigation soon after the exchange initially declared insolvency and filed for bankruptcy.
Shortly after filing for bankruptcy, Bankman-Fried resigned from the firm and fled to the Bahamas along with executives from the company such as Gary Wang, a co-founder of FTX, and Caroline Ellison. Since September 2021, the executives have been operating off United States soil, in the Bahamas. Many of the crimes FTX and its executive holders are facing charges for are under investigation in the Bahamas too.