Five countries start joint fight against financial crimes involving cryptocurrencies

The tax authorities of the United States and great Britain agreed to lead an international Alliance, aimed at combating transnational financial crimes, including using cryptocurrency.

On the establishment of the Alliance was announced on Tuesday 3 July. The Alliance called the Joint Chiefs of Global Tax Enforcement (J5) is a partnership between the Australian Commission on criminal investigations (ACIC) and the Tax office of Australia (ATO) Canada revenue Agency (CRA), Fiscale Inlichtingen — Opsporingsdienst (FIOD) in the Netherlands, Hm revenue and customs, UK (HMRC) and the US internal revenue service (IRS).

According to the statement, the five member governments of the Alliance will work together to combat cross-border financial crimes such as money laundering, through coordination of investigations and arrests. The main concern of the members of the J5 is the growing spread of cryptocurrency, which move across national borders. On the website J5 notes:

«We will… to cooperate at the international level to reduce the growing threat to tax administration posed by crypto-currencies and cybercrime, and to use data and technology to their purposes.»

In addition, Johann, Charbono (Johanne Charbonneau), Director of the Canadian tax collection Agency, said:

«The formation of J5 demonstrates the serious commitment of governments worldwide to enhance international cooperation in the fight against serious international tax and financial crimes, money laundering and cybercrime through the use of cryptocurrencies. Our collective efforts and experience will be used for the joint identification and disclosure of increasingly complex and global schemes and mechanisms that facilitate the implementation of fraud».

In recent months tax service around the world pay more attention to the cryptocurrency. This is mainly because many investors pulled significant gains during the rally of bitcoin to the end of 2017, but did not report their income to the tax authorities. For example, in March of this year, the IRS has officially announced that American users of Bitcoin tax evasion.

In addition, the IRS began working with analytical blockchain companies to identify defaulters, hiding cryptocurrency income. In addition, in March it became known that IRS is to
information about major transactions made by users of the platform Coinbase.

Although cryptocurrencies are only involved in a small percentage of global financial crimes, law enforcement agencies are concerned that terrorists and other criminals often use crypto-currencies to Finance their operations and hide their assets from seizure by the state.

This is not the first attempt at international coordination to combat the alleged threat posed by cryptocurrencies. As previously reported, the issue of the cryptocurrency took
high on the agenda of the April G20 summit. However, these negotiations did not end with the achievement of an international agreement on all issues, despite calls
some of the member States.

That is why the FIOD Director Hans van der Vlist (Hans van der Vlist) considers the experience of coordination J5 unique:

«The unique characteristics of the J5 is the operational cooperation between the five countries in the struggle with professional tools that facilitate offshore tax crime, cybercrime and increase the risks of cryptocurrency for the tax authorities. In addition, we plan the best use of available data about the technology in their favor.»

Despite the uniqueness of the J5 is not the first example of international cooperation of regulators on the issue of cryptocurrencies. In may this year a group of securities regulators of Canada and the United States announced
on the launch of the program «international harassment» of cryptocurrency scams. The program Cryptosweep focused on the international fight against scams in the industry cryptocurrency and received approval
the Chairpersons of the Commission on securities and stock exchanges of the USA Jay Clayton.

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