By Brett Wolf
NEW YORK, Feb. 3 (Thomson Reuters Accelus) - Despite a new federal crackdown announced this week aimed at combating tax refund fraud involving the use of stolen identities, current law enforcement efforts are not enough and fraudsters are still pumping massive sums of tax fraud proceeds through U.S. banks, sources told Thomson Reuters.
“IRS and Justice should have been doing this three years ago. This widespread criminal activity is more profitable than drug dealing,” said regulatory consultant and investigator Jim Dowling, a former Internal Revenue Service criminal investigator special agent who also acted as an anti-money laundering (AML) advisor to the Office of National Drug Control Policy. (more…)