The results of your risk assessment indicate the potential for hidden crypto-currency assets. If you are concerned about non-disclosed crypto-currency assets, we recommend you speak to us about undertaking a global crypto-currency search.
About crypto-currencies
Crypto-currency is a digital asset that has value. Individuals and organisations use crypto-currencies as an alternative payment to traditional money and credit to buy and sell goods. In recent years, many people have purchased crypto-currencies as a financial investment, due to periods where the values of some crypto-currencies such as Bitcoin and Ethereum have skyrocketed in value. Notably, these markets are extremely volatile and people who invest in them have also lost vast sums of money. Both Bitcoin and Ethereum have gone through periods of incredible growth and then plummeted.
Crypto-currencies like Bitcoin, Dogecoin, Ethereum and many others are amazingly popular the world over, and in Australia 1 in 20 adults own crypto-currency. Crypto-currency is a legitimate and legal asset to hold, but in Australia and in other parts of the world, you must declare your crypto-currency assets to the Australian Tax Office.
There are strongly held beliefs that crypto-currency provides its owner a cloak of anonymity and it is for this reason that many individuals avoid disclosure of their crypto-currency holdings, or utilise these assets when engaging in illegal activity. These beliefs are a myth, in fact with the requisite knowledge and expertise, tracing crypto-currency is easier than tracing cash, irrespective of location.
Why is this relevant?
It is not uncommon for one party in a relationship to 'hide' money in crypto-currency for the purpose of avoiding disclosure of financial assets when a relationship breaks down. We have seen instances of large sums of money being transferred to crypto-currency exchanges like Binance, Kraken, Gemini and others for this purpose. In other cases, the owner of the crypto-currency has claimed their funds where 'stolen'.
We use advanced tools to trace crypto-currency transactions. We can provide you with the location, sum and advice about whether the crypto-currency exchange is likely to comply with legal requests about the assets, should the other party continue to fail to comply with disclosure and other legal requests.
Contact us to discuss your circumstance and we will be happy to advise you about your options.
