Joint Chiefs of Global Tax Enforcement: The J5

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.”

Read more about the Joint Chiefs of Global Tax Enforcement: The J5

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.

While digital currencies are gathering international attention, Michael Best’s Blockchain, Digital Currencies & Smart Contracts team is here to help. We are a multi-disciplinary team of professionals who will help better your understanding of this exciting multifaceted technology.  Our firm provides solutions on a wide range of issues including intellectual property protection, creating a blockchain start-up, accepting digital currency payments, facilitating an initial coin offering, and helping to understand and navigate through the changing regulatory landscape.

For any questions, contact our Blockchain, Digital Currencies & Smart Contracts team.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: