Tax five countries have joined together to combat crimes associated with cryptocurrencies

Tax five countries have joined together to combat crimes associated with cryptocurrencies

According to a press release, internal revenue Service United States (IRS) organized an international working group jointly with the tax authorities of the other four countries to work together to solve crimes with the use of cryptocurrency.

The new coalition, dubbed ‘The Joint Chiefs of Global Tax Enforcement,’ or ‘J5’ , includes service tax from five countries: Australia, Canada, the Netherlands, the United Kingdom and of course USA.

Within J5 agencies will cooperate in the investigation of criminal cases “to reduce the growing threat posed by crypto-currencies and cybercrime”, and also to prevent money laundering and tax evasion.

According to the IRS, the decision to form an international task force was a response to the call for an intergovernmental Organization for economic cooperation and development (OECD) to combine efforts in the fight against the crimes connected with taxes.

Don Fort, head of the criminal investigation Department at the internal revenue Service to represent the IRS in J5, said in an interview for Forbes that multilateralism “can put pressure on the global criminal community, in a manner that was previously unavailable.”

In February of this year, IRS-CI has formed a special team of 10 investigators to deal with crimes related to tax evasion with the help of cryptocurrency.

The IRS also participated in joint actions together with the U.S. Department of justice (DOJ) and the FBI in criminal cases involving crypto-currencies, including with a case on the website Backpage.com, whose leadership is accused of laundering half a billion dollars in the cryptocurrency.

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