IRS Launches International Taskforce to Take on Cryptocurrency Crimes

IRS Launches International Taskforce to Take on Cryptocurrency Crimes

The US Internal Revenue Service (IRS) has launched an international task force along with four other countries in order to take on crypto currency related crimes according to this official press release on July 2.

The new coalition named “The Joint Chiefs of Global Tax Enforcement” or “J5” is comprised of several tax enforcement agencies including Canada, Australia, the Netherlands, United Kingdom, alongside the US.

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As a part of the coalition, agencies will cooperate in sharing intelligence and criminal investigations in order to reduce the growing threat to tax administrations posed by cryptocurrencies and cybercrime. The also be targeting transnational tax crime as well as money laundering.

The IRS investigations chief, Don Fort, stated that this new coalition “will enable a multilateral effort can pressurize global criminal communities in a way that we could not achieve on our own”.

To overcome the difficulties that come with tracking anonymous crypto transactions, the IRS has been pursuing crypto enabled crimes by harnessing third-party blockchain intelligence tools such as Chainalysis, which was reported back in 2017 by Cointelegraph.

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