In a bid to tackle the increasing amount of Cryptocurrency crimes that growing in number, several regulatory bodies from different countries have agreed to fight them working together
Earlier on Monday 2nd, July, The US Internal Revenue Service (IRS) announced on its official website that is has allied with tax authorities from Canada, Australia, The UK, and the Netherlands, with the aim of fighting money laundering, cryptocurrency fraudsters and tax crimes connected to cryptocurrencies.
The website also stated that the joint efforts would be called ‘Joint Chiefs of Global Tax Enforcement (J5)’ and will consist of the six agencies from the five countries.
To eradicate cryptocurrencies related thefts the agencies have agreed to conduct joint investigations, share intelligence and vital information, and also try to bring about some improvements to increase its operational capability for growing the efforts of international crime enforcement.
According to the IRS, it stated that the J5 will make complete use of the technology and data shared within them so that it will result in, “ a reduction in the rate of threats posed to tax administrations by cyber crimes and cryptocurrencies.”
One of the major factors that pushed for the formation of the J5 was due to the increase in requests from the Organisation for Economic Co-operation and Development’s (OECD), calling out countries to increase their efforts to tackle the enablers of tax-related crime.
If required the J5 would also work with the 30 OECD countries to tackle tax crimes committed by cryptocurrency fraudsters.
Will enacting the J5, Don Fort, Chief of IRS-CI, revealed its purpose as he told Forbes :
“We can’t keep on operating in a similar way we have been doing previously, siloing our data from whatever remains of the world while tax fraudsters and organized criminals manipulate the system and endeavor vulnerabilities for their own personal gains. The J5 intends to separate those barriers, expand upon singular accepted procedures, and turn into an operational group that is really advanced and can pressurize the global criminal network in ways we couldn’t accomplish individually.”
Significantly this move by the IRS has motivated authorities all over the world to improve their efforts in fighting cryptocurrency related crimes.
Just recently Authorities in both Europe as well as the US seized cryptocurrencies worth millions of dollars in raids against drug sellers on the dark web. Cryptocurrency market manipulation is also being probed by the United States of America Department of Justice.