Tax enforcement authorities from five nations have launched an alliance to combat cryptocurrency tax crimes. The organization, called as the Joint Chiefs of Global Tax Enforcement or the J5 will fight transnational tax crime through increased enforcement collaboration.
According to the announcement, the J5 comprises the Australian Criminal Intelligence Commission (ACIC) and Australian Taxation Office (ATO), the Canada Revenue Agency (CRA), the Fiscale Inlichtingen- en Opsporingsdienst (FIOD), the British HM Revenue & Customs (HMRC), and the American Internal Revenue Service Criminal Investigation (IRS-CI).
The IRS posted on its website,
“We are convinced that offshore structures and financial instruments, where used to commit tax crime and money laundering, are detrimental to the economic, fiscal, and social interests of our countries. We will work together to investigate those who enable transnational tax crime and money laundering and those who benefit from it. We will also collaborate internationally to reduce the growing threat to tax administrations posed by cryptocurrencies and cybercrime and to make the most of data and technology”
This organization will develop shared strategies to gather information and intelligence. It will chalk out strategies and procedures to conduct joint investigations and disrupt the activity of those who commit transnational tax crime. The J5 was formed in response to the intergovernmental Organisation for Economic Co-operation and Development’s (OECD) call to action for countries to do more to tackle the enablers of tax crime. The J5 works collaboratively with the OECD and other countries and organisations where appropriate.
As reported by CCN, the FIOD General Director Hans van der Vlist said that
“The unique thing about the J5 is the operational collaboration between five countries on tackling professional enablers that facilitate offshore tax crime, cybercrime and the threat of cryptocurrencies to tax administrations, as well as making best use of internationally available data and technology”