The Internal Revenue Services (IRS) launched an international coalition to investigate transnational cryptocurrency tax crime and money laundering.
The J5 is comprised of the government agencies from Australia, Canada, the Netherlands, the United Kingdom, as well as the IRS.
The J5 states:
“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.”
The Chief of IRS-CI, Don Fort, stated:
“We cannot continue to operate in the same ways we have in the past, siloing our information from the rest of the world while organized criminals and tax cheats manipulate the system and exploit vulnerabilities for their personal gain. The J5 aims to break down those walls, build upon the individual best practices, and become an operational group that is forward-thinking and can pressurize the global criminal community in ways we could not achieve on our own.”
The above article is featured in the Blockchain & Cryptocurrency Daily Clips provided by Michael Best Strategies professionals. For more current news on this rapidly changing industry, and to subscribe to the Daily Clips, click here.
Contributions by Patrick Firth, Michael Best Strategies, Washington, D.C.
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