The US Internal Revenue Service (IRS) has launched an international taskforce together with tax enforcement authorities from four other countries to take on cryptocurrency-enabled crimes, according to a press release published Monday, July 2.
The new coalition, dubbed ‘The Joint Chiefs of Global Tax Enforcement,’ or ‘J5,’ comprises tax enforcement agencies from five countries in total –– Australia, Canada, the Netherlands, and the United Kingdom, alongside the U.S. As part of J5, the agencies will cooperate on intelligence and criminal investigations “to reduce the growing threat to tax administrations posed by cryptocurrencies and cybercrime,” as well as to target transnational tax crime and money laundering.
According to the IRS, the decision to form a transnational taskforce via J5 was in response to the intergovernmental Organisation for Economic Co-operation and Development (OECD)’s call to action for countries to step up their efforts against the enablers of tax crimes.
In February of this year, the IRS-CI assembled a team of 10 new investigators to tighten its pursuit of those who use crypto to evade taxes.
To overcome difficulties in tracking anonymous crypto transactions, the IRS has long been pursuing crypto-enabled crimes by harnessing third-party blockchain intelligence tools such as Chainalysis, as Cointelegraph reported back in 2017.
Leaders of tax enforcement authorities from around the world have united to combat global financial crimes enabled by cryptocurrencies and other technologies. The group formed will be known as the Joint Chiefs of Global Tax Enforcement, or J5, and will comprise of participants from Australia, the U.
We’re close to the 10-year anniversary of the creation of Bitcoin and few would argue that cryptocurrencies and distributed ledger technology haven’t played a big role in challenging the status quo of the financial marketplace.
UK’s Financial Conduct Authority has kicked off a consultation on proposed crypto rules that would bring the industry under formal regulatory oversight by 2027. According to a Financial Times report, the FCA unveiled three consultation papers on Tuesday with the…
The UK’s Treasury department hopes to finalize its cryptocurrency regulations by late 2027 by bringing the sector under a regulatory framework that mirrors oversight in traditional markets. According to a report from The Guardian, the crypto sector, which has been…
Kraken co-CEO Arjun Sethi argues that the U.K’s rules on the promotion of virtual assets is hurting the consumer experience and may deter potential users from investing in crypto. According to a report by the Financial Times, Kraken co-CEO Arjun…
If the UK softens its stance towards stablecoins, it could pose risks to financial stability and trigger a credit crunch, according to the Bank of England’s deputy governor, Sarah Breeden, who has recently defended the central bank’s proposed holding limits…
Coinbase is taking another step toward blending crypto with everyday finance in the UK with the introduction of a new savings account for GBP balances. Coinbase has introduced a new savings account product for customers in the United Kingdom, offering…
