There is a new J5 or the Joint Chiefs of Global Tax Enforcement that includes the US, Canada, UK, Australia and the Netherlands to fight the growing threat of cryptocurrency tax crime. The IRS or Internal Revenue Service will join tax authorities in said J5 countries in a response to requests by the Organization for Economic Cooperation and Development (OECD) to help take down tax evaders.
This new task force will coordinate and exchange information as a team, sharing information with a focus on “offshore structures and financial instruments” to clamp down on money laundering. The US, according to an article in Forbes, tried tackling this issue alone but the crypto world is growing rapidly and a joint effort is needed.
The Australian Criminal Intelligence Commission (ACIC), the Canada Revenue Agency (CRA), HM Revenue & Customs (HMRC) and the Internal Revenue Service (IRS) are just some of the federal level agencies from these countries that will utilize leading tax and financial experts from these member states. This global team initiative will develop tactical plans to help identify tax criminals and their methods.
The global crypto market has been under continued pressure for three months now as regulators hash out a comprehensive plan that will bring it into the world of trusted investments. Think about the potential investments from pensions and life companies if digital currencies do go mainstream in a safe and trusted investment environment.