International Task Force Notes Use Of Cryptocurrencies In Financial Crime

July 4, 2018 4:27 pm Published by

A new joint force of tax enforcement authorities will combat international and transnational tax crimes – including cybercrimes facilitated through cryptocurrencies, an IRS news release Monday reported.

Tax enforcement agencies from the U.K., Australia, Canada and the Netherlands will join the IRS in forming the Joint Chiefs of Global Tax Enforcement (J5) to prosecute tax crimes, the release said.

In a “call to action” by the Organization for Economic Co-operation and Development an effort was launched to crack down on tax crimes, the release said.

In an earlier meeting, CoinDesk reports, the entity has already met, with cryptocurrencies discussed as an area of concern in financial crimes.

Dutch Fiscal Information and Investigation Service general director Hans van der Vlist, discussing the group, said: “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,” the report said.

Canadian Revenue Agency General Director Johanne Charbonneau added J5 is building a “serious commitment” in an international cooperation to fight against serious international tax crimes, including cybercrimes through “the use of cryptocurrencies,” CoinDesk reported.

No details were disclosed regarding how J5 will work together to end the threats received from cryptocurrency-related tax crimes, but an update on its initiatives is expected in late 2018, according to the news release.

WN.com, Jack Durschlag



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