J5 Countries Closing in on Crypto Tax Avoiders
- Authorities in the UK, US, Netherlands, Australia and Canada are cracking down on people using crypto to avoid tax
A year after its formation, the J5 group of tax authorities is closing in on companies and individuals that are using cryptocurrency to avoid, as Jeremy Corbyn would likely say, ‘their fair share.’
Comprised of financial authorities from the Netherlands, US, UK, Canada, and Australia, the J5 was formed as a means by which the taxmen in each of those countries could share information, best practices and work together to catch tax avoiders.
And those efforts appear to have been fruitful. A statement released by the Australian Taxation Office on Friday indicates that the various taxation bodies have shared more information in the past twelve months than they had in the prior ten years.
On top of that, the combined efforts of the different tax authorities have led to over 50 investigations into different companies and individuals. Some of those investigations appear to involve serious criminal activity, while others pertain more to people just wanting to keep their cash out of the government’s coffers.
Your days are numbered
And after the group’s latest meeting, it seems that cryptocurrencies have become a major means by which people attempt to do this. But sadly for the people buying bitcoin in the hope that the taxmen won’t be able to nab it, the J5 is on the case.
“The cooperation between the J5 countries is becoming more effective and operational,” said Hans van der Vlist, general director of FIOD - a Dutch anti-fraud agency.
“Two weeks ago we took offline an important online mixer for cryptocurrencies. We are now analysing the seized information. We expect good leads for investigations in J5 countries. Another example is the FCInet matching system that will help us in the fight against transnational fiscal and financial crime.”
Alongside taking real action against cryptocurrency tax avoiders, the J5 also said that, at their latest meeting, they were given training on how to track digital assets, Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, and the dark web.
“We have found innovative ways to tackle these problems, remove barriers, and develop processes that make the sum of all of our parts a much more efficient and successful organisation,” said Dan Fort, chief of the IRS Criminal Investigation Division. “It is not a good time to be a tax criminal on the run—your days are numbered.”
A year after its formation, the J5 group of tax authorities is closing in on companies and individuals that are using cryptocurrency to avoid, as Jeremy Corbyn would likely say, ‘their fair share.’
Comprised of financial authorities from the Netherlands, US, UK, Canada, and Australia, the J5 was formed as a means by which the taxmen in each of those countries could share information, best practices and work together to catch tax avoiders.
And those efforts appear to have been fruitful. A statement released by the Australian Taxation Office on Friday indicates that the various taxation bodies have shared more information in the past twelve months than they had in the prior ten years.
On top of that, the combined efforts of the different tax authorities have led to over 50 investigations into different companies and individuals. Some of those investigations appear to involve serious criminal activity, while others pertain more to people just wanting to keep their cash out of the government’s coffers.
Your days are numbered
And after the group’s latest meeting, it seems that cryptocurrencies have become a major means by which people attempt to do this. But sadly for the people buying bitcoin in the hope that the taxmen won’t be able to nab it, the J5 is on the case.
“The cooperation between the J5 countries is becoming more effective and operational,” said Hans van der Vlist, general director of FIOD - a Dutch anti-fraud agency.
“Two weeks ago we took offline an important online mixer for cryptocurrencies. We are now analysing the seized information. We expect good leads for investigations in J5 countries. Another example is the FCInet matching system that will help us in the fight against transnational fiscal and financial crime.”
Alongside taking real action against cryptocurrency tax avoiders, the J5 also said that, at their latest meeting, they were given training on how to track digital assets, Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, and the dark web.
“We have found innovative ways to tackle these problems, remove barriers, and develop processes that make the sum of all of our parts a much more efficient and successful organisation,” said Dan Fort, chief of the IRS Criminal Investigation Division. “It is not a good time to be a tax criminal on the run—your days are numbered.”