The Global Joint Tax Enforcement Staff (J5), a global anti-tax fraud group, hosted researchers, cryptocurrency experts and data scientists at 'The Cyber โโChallenge' event to track down individuals and organizations committing fiscal fraud.
J5 members are made up of criminal intelligence communities from Australia, Canada, the Netherlands, the United Kingdom and the United States who collaborate in the fight against international and transnational tax crimes and money laundering.
The group includes the Australian Taxation Office, the Canada Revenue Agency, the Netherlands Tax Research and Information Service, Her Majesty's Revenue and Customs in the United Kingdom and the IRS-CI in the US. Among the participants were experts from the J5 countries, who were tasked with optimizing use. of data acquired from a variety of open and research sources available for each country.
Since its creation in 2018, J5 has hosted five such events. In 2022, the fourth event focused on non-fungible tokens (NFT) and decentralized exchanges (DEX). Sharing details about the latest 2023 event, the Internal Revenue Service (IRS) report fixed:
โThis is the first Challenge where Financial Intelligence Units (FIU) from each J5 country participated. The private sector was represented by blockchain analytics companies Chainalysis, BlockTrace and AnChain, making this the most collaborative challenge to date.โ
In the process, J5 generated important leads for further investigation that, 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:
"This collaboration between public and private specialists not only generates operational results, but shares expert training, techniques and procedures, which is essential for participants to remain proactive and effective in a rapidly evolving operational environment."
Chainalysis' Ryan Ryder noted that the inherent transparency of cryptocurrencies, along with international experts from the public and private sectors, "can collaborate to identify and shut down illicit activities," a task that remains impossible in traditional finance.
Related: G7 countries to launch code of conduct on AI: Report
He Cointelegraph Innovation Circle He recently featured seven crypto experts in an article. to help Web3 companies prepare for tax season. First, Web3 companies must constantly monitor the tax implications of their activities and work diligently to ensure they meet their obligations.
Additionally, members of the Cointelegraph Innovation Circle recommended seven best practices to ensure compliance with tax formalities. Choosing a tax-friendly country while ensuring timely payment is a top priority, along with avoiding shortcuts and finding an accountant with crypto tax experience.
Other key factors include accurately documenting all activities and seeking expert legal advice, automating transaction tracking, and using specialized software.
Magazine: Billionaire Slumdog 2: 'Top 10... brings no satisfaction,' says Polygon's Sandeep Nailwal
Post navigation
/cloudfront-us-east-1.images.arcpublishing.com/gray/6RWTMEKFYNC2LQQQ5CMBJL2HJ4.jpg?w=75&resize=75,75&ssl=1 "FTX founder Sam Bankman-Fried convicted of defrauding cryptocurrency customers")
