HMRC explores crypto forensic tools for tax probes as former OECD advisor flags UK’s growing compliance push
HMRC is seeking crypto forensic tools and investigative support to enhance its efforts against digital asset tax fraud and money laundering.Summary
His Majesty's Revenue and Customs (HMRC) is exploring the procurement of blockchain tracing software, forensic investigative support, and tools to query blockchain data at scale to combat tax fraud and money laundering involving digital assets. The potential contracts, estimated at £3.42 million ($4.6 million) over three years, aim to support HMRC's Fraud Investigation Service and Risk and Intelligence Service with capabilities like cross-chain tracing and risk scoring. Colby Mangels, a former OECD advisor, noted that this move signals a global trend where governments build compliance infrastructure for digital assets, emphasizing that the sophistication sought by HMRC indicates the UK's intent to lead in crypto compliance and transparency, aligning with its adoption of the OECD's Crypto-Asset Reporting Framework.
(Source：The Block)