5 nations challenge crypto experts and investigators to target tax crimes
The Joint Chiefs of Global Tax Enforcement (J5), a global anti-tax fraud group, hosted investigators, cryptocurrency experts and data scientists in “The Cyber Challenge” event to track down individuals and organizations committing tax fraud.
The J5 members comprise the criminal intelligence communities from Australia, Canada, the Netherlands, the United Kingdom and the United States, which collaborate in the fight against international and transnational tax crime and money laundering.
The group includes the Australian Taxation Office, the Canada Revenue Agency, the Dutch Fiscal Information and Investigation Service, His Majesty’s Revenue and Customs from the U.K. and IRS-CI from the United States. Participants included experts from J5 countries, which were tasked with optimizing the usage of data acquired from a variety of open and investigative sources available to each country.
Since its inception in 2018, the J5 has hosted five such events. In 2022, the fourth event focused on nonfungible tokens (NFTs) and decentralized exchanges (DEX). Sharing details about the latest 2023 event, the U.S. Internal Revenue Service report stated:
In the process, the J5 generated significant leads for further investigation, which, in the past, helped uncover multimillion-dollar crypto Ponzi schemes, such as the BitClub Network. John Ford, deputy commissioner of the Australian Taxation Office, stated:
Ryan Ryder from Chainalysis pointed out that crypto’s inherent transparency, coupled with international public and private sector experts, “can collaborate to identify and shut down illicit activity,” a task that remains impossible in traditional finance.
Related: G7 countries to launch AI code of conduct: Report
The Cointelegraph
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