GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
Virtual currency is increasingly used in human and drug trafficking, according to our review of agency records and interviews with officials.
Agencies we examined face challenges countering illicit use of virtual currency.
We reviewed how transnational criminal organizations and terrorist groups traffic goods such as illegal drugs, engage in human trafficking, and launder money. We also looked at the information sharing used to help detect these activities.
Employment-related identity fraud occurs when people use a name or Social Security number (SSN) other than their own to get a job. This fraud makes it harder for IRS to collect taxes and harder for the Social Security Administration to manage benefits.
Some criminal and terrorist organizations use trade-based money laundering to disguise illicit proceeds and fund their operations. These kinds of schemes can rely on misrepresenting the price, quantity, or type of goods in trade transactions.
As virtual currencies like bitcoin grow in popularity, how can IRS be sure that people are paying relevant taxes?
IRS addressed some taxpayer questions in its 2014 and 2019 virtual currency guidance. For example, the guidance says that using virtual currency can produce taxable capital gains.
Candidates, parties, and PACs spent about $6 billion on federal elections in 2017 and 2018, according to the Federal Election Commission.
Among other things, this report provides views from a range of specialists on federal campaign finance issues.
Some criminal groups use a process called trade-based money laundering to launder their illicit money. These schemes can include things like falsely describing goods and services in trade transactions.
Banks are required to report suspicious financial transactions to the Treasury Department.
The Kingpin Act allows the Treasury Department (in partnership with other federal agencies) to designate and sanction individuals and entities involved in narcotics trafficking. Treasury reported designating about 2,000 people and entities and freezing over $500 million in assets since 2000.