CAR(F)efully Navigating the Framework in the United Kingdom: Cryptically Crypto and Criminally Crypto

Abstract

In November 2023, 48 countries pledged to adopt the OECD’s crypto asset reporting framework (CARF), designed to address the use of crypto assets to avoid taxation. In this Talking Points, Claire Shelemay describes how the United Kingdom will use the CARF to attack tax avoidance through crypto. She cautions, however, that the CARF may only be as good as the data collected, noting that countries that have not adopted the CARF may be facilitating not only tax avoidance, but also the financing of organized crime and terrorist activities.