IRS forms a transnational organization with 4 nations to fight crypto tax evasion

3 July 2018

In a move to combat tax evasion and money laundering activities through the use of cryptocurrencies, the US Internal Revenue Service and tax enforcement agencies of four other nations formed a taskforce, as reported by the IRS this week.

Under the terms of the newly formed cooperation project to be known as ‘The Joint Chiefs of Global Tax Enforcement,’ or ‘J5,’ the tax authorities from Australia, Canada, the Netherlands, and the United Kingdom and the United States, will be partnering over intelligence and criminal investigations with an ultimate goal to minimize ever increasing threats to tax bodies coming from the misuse of cryptocurrencies and actions of cybercriminals. The range of questions attributed to the competence of the new joint taskforce also includes transnational tax crimes and money laundering.

The decision to create a transnational organization was prompted by the watchword uttered by the Organisation for Economic Co-operation and Development (OECD) for the authorities across the globe to push harder for fighting tax crimes.

According to the statement made by Don Fort, a chief of the Internal Revenue Service-Criminal Investigation (IRS-CI), who will be as a member of the J5 taskforce, the complex approach has a potential to put more pressure upon the criminal community worldwide at a scale unachievable through single efforts.

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