J5 will fight cybercrime on a global scale

On Monday, the Internal Revenue Service-Criminal Investigations (IRS-CI) announced the formation of a tax law group called the Joint Chiefs of International Tax Laws (or J5). The group includes representatives from the tax authorities of the UK, USA, Canada, Australia and the Netherlands.

The J5 is composed of senior tax officials of member states. This alliance seeks to develop the capabilities of tax laws in different countries, increase the efficiency of operations, and hold offshore tax criminals accountable for their actions. The J5 plans to achieve all this through information sharing, pilot programs, and joint criminal investigations.

J5 members have expressed concerns about cryptocurrency cybercrime. Canada Revenue Agency (CRA) Director General Johan Charboneau said:

“The formation of the J5 demonstrates the seriousness of governments around the world in promoting international cooperation, combating money laundering and financial crime, and combating cryptocurrency cybercrime. Through operational cooperation, we will enhance the effectiveness of the work of the OECD (Organization for Economic Co-operation and Development). Our shared efforts and expertise will be fully focused on detecting and eliminating global criminal enterprises. schemes.”

Hans van der Vlist, Director General of the Dutch Fiscal Authority, shared his opinion:

“JP is unique in its operational cooperation between countries aimed at eliminating the tools that facilitate offshore tax crime and cybercrime.” 

The first J5 meeting was held in Montreal, where participants discussed opportunities and tactics for tracking cybercriminals. The alliance plans to publish J5 initiative plans by the end of 2018. 

Reports of the formation of the J5 group can only mean that the IRS, with the support of international tax authorities, is continuing its crusade against cryptocurrency crime. 

According to ethnews.com