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Media & Articles

White Collar Principal Peter Hardy and Associate Mehreen Zamen Examine Use of Virtual Currency by Tax Evaders for Bloomberg BNA's White Collar Crime Report

April 18, 2014

In the April 18 issue of Bloomberg BNA's White Collar Crime Report, Internal Investigations & White Collar Defense Principal Peter D. Hardy and Associate Mehreen Zaman examine how virtual currency, like bitcoin, may become an option for tax evaders as offshore banking has become the focus of vigorous tax enforcement by U.S. officials. 

Mr. Hardy and Ms. Zaman explain that virtual currency, or digital units of exchange not backed by a government, may offer some of the same attraction that offshore accounts once did. They explain: 

"Virtual currency currently has many of the (formerly) perceived advantages that traditional offshore bank accounts offered to would-be tax evaders: relative anonymity and difficulty in tracing. Some U.S. taxpayers who find that their previously undisclosed money is no longer welcome at traditional foreign banks, either because of disclosure deals struck by those banks and their governments with the U.S. or because of upcoming reporting requirements for foreign banks, may turn to virtual currency to try to shelter their assets."