It includes the Australian criminal intelligence Commission (ACIC) and the Australian Taxation Bureau (ATO), the Canadian Taxation Office (CRA), and the Fiscale Inlichtingen-en of Holland.
They will share information and intelligence, conduct joint investigations, and try to improve their professional capabilities to carry out law enforcement efforts against international crimes. The IRS says that J5 will make full use of data and technology to reduce the ever increasing threat posed by tax encryption and currency crime to tax administration.
J5 was set up to respond to the initiative of the organization for economic cooperation and development (OECD) to urge countries to take more measures to solve tax crimes. Organized criminals and tax fraud manipulation systems exploit loopholes for personal gain. J5 aims to break these barriers and become a forward-looking thinking operation group to put pressure on global criminal groups. It is worth noting that authorities around the world have stepped up efforts to crack down on related crimes in encrypted currencies.
The US and European authorities have recently confiscated millions of dollars in encrypted currencies on the dark network. The US Department of justice is also investigating the manipulation of encrypted money markets. Legal authorities often find it difficult to combat tax fraud related to encrypted currencies, because they are easily transferred internationally. Although encrypted currency transactions are not entirely anonymous, they may be very difficult to track. International cooperation will make it easier for these authorities to crack down on encrypted currency crimes.