The Internal Revenue Service is taking an international approach to cryptocurrency-related crime.
In response to a request by the Organisation for Economic Co-operation and Development to reduce tax crime, the IRS formed the Joint Chiefs of Global Tax Enforcement (J5), a coalition between five countries aimed at investigating cryptocurrency crimes, including tax fraud and money laundering.
J5 includes agencies from Australia, Canada, the Netherlands, and the United Kingdom, as well as the IRS. The agencies will both share information and conduct investigations together, in an effort to “reduce the growing threat posed to tax administrations by cryptocurrencies and cyber crime,” the IRS said.
Cryptocurrency allows for easy international transfers, which is a cause for concern among government agencies due to the difficulty of investigating and prosecuting cryptocurrency-related crimes.
Don Fort, chief of IRS-CI, explained the decision for an international effort to Forbes:
“We cannot continue to operate in the same ways we have in the past, siloing our information from the rest of the world while organized criminals and tax cheats manipulate the system and exploit vulnerabilities for their personal gain,” Fort said. “The J5 aims to break down those walls, build upon individual best practices, and become an operational group that is forward-thinking and can pressurize the global criminal community in ways we could not achieve on our own.”
Chinese smartphone maker Honor has announced a new flagship device dubbed as the Honor 10 GT, an improved version of the Honor 10 that was launched in April in China. The Honor 10 GT will be launched in China on July 24 and is expected to go on sale soon after the launch. The Honor...
Netflix CEO Reed Hastings Ernesto S. Ruscio/Getty Images for Netflix Netflix is already big in the United States, but it soon could become an international blockbuster. That’s the take of John Blackledge, a financial analyst who covers the company for Cowen. The streaming media giant has had great success in producing its own original shows...