UK, US lead 5 Nations Agreement to Combat Cryptocurrency Tax CrimesJuly 5, 2018
The tax specialists of the UK and the US have signed to lead the international coalition designed to battle international financial crimes. Announced last Tuesday, the five-member Join Chiefs (J5) is a partnership organization of Australia, Canada, Netherlands, UK and US Criminal Investigation Services.
According to the announcement made, the member of the J5 will unite and work together to fight all the financial crimes such as money laundering through enforcement actions and investigations. One of the major concerns of the J5 is the growing proliferation of the cryptocurrencies, which only show disrespect for the national borders.
The alliance of the five countries is said to be a change in the safety of the majority of the crypto enthusiasts. Based on the website of the J5, they are planning to collaborate to reduce the growing threat of cybercrime and tax and to make every data as safe as possible. The formation of the J5 demonstrated the commitment of the government around the world in promoting global cooperation in combating financial crimes and international tax. J5 also expressed its goal of increasing the global schemes and sophistication, and they have the professional who can facilitate the schemes.
Most of the tac agencies from across the world have made the focus on the cryptocurrencies in the past months. It may be the result of the early investments that took the profits after the last year’s bull run. For instance, in the US, the IRS has a deal with the Blockchain analytics to determine all the cryptocurrency investors who fail to pay taxes and report on their trading profits.
Most of the law enforcement agencies around the world are concerned that other criminals and terrorist will use the technology to finance their operations. It will also lead to the securing of their assets against the government seizure.
The formation of the J5 is not the first international union attempt to combat the threat of cryptocurrencies. According to the report, the cooperation of the five countries is yet to produce a framework. The level of coordination among the five countries is what makes the J5 a unique collaboration.
According to Hans van der Vlist, the FIOD General Director, the unique thing about the collaboration is the presence of operational collaboration between the five countries. The J5’s goal is to tackle and facilitate cybercrime, tax crime and all the threat of cryptocurrencies as well as the use of available technology and data internationally.