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5 nations challenge crypto experts and investigators to target tax crimes

  • Mike Ring
  • November 3, 2023

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The Joint Chiefs of Global Tax Enforcement (J5) Unites Investigators, Cryptocurrency Experts and Data Scientists

The Joint Chiefs of Global Tax Enforcement (J5), a global anti-tax fraud group, hosted a ‘Cyber Challenge’ event to track down individuals and organizations committing tax fraud. This group comprises criminal intelligence communities from Australia, Canada, the Netherlands, the United Kingdom and the United States that collaborate in the fight against international and transnational tax crime and money laundering. The participants included experts from J5 countries, 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 5 such events. The fourth event in 2022 focused on nonfungible tokens (NFTs) and decentralized exchanges (DEX). Sharing details about the latest 2023 event, the Internal Revenue Service (IRS) report stated that this was the first Challenge with Financial Intelligence Units (FIUs) from each J5 country participating. Private sector was represented by blockchain analysis companies Chainalysis, BlockTrace, and AnChain.

The J5 generated significant leads for further investigation, which have helped uncover multi-million-dollar crypto Ponzi schemes such as the BitClub Network. Deputy commissioner of the Australian Taxation Office, John Ford, stated that this collaboration between public and private specialists generated operational outcomes, sharing expert training, techniques and procedures.

Web3 Companies Prep for Tax Season

The Cointelegraph Innovation Circle recently featured seven crypto experts in an article to help Web3 companies prep for tax season. Crypto experts emphasized that Web3 companies must monitor the tax implications of their activities and diligently work to ensure they’re meeting their obligations.

7 Best Practices for Tax Compliance

  • Choose a tax-friendly country while ensuring on-time payment
  • Avoid shortcuts and find an experienced crypto tax accountant
  • Accurately document all activities
  • Seek expert legal counsel
  • Automate transaction tracking
  • Use specialized software

Polygon’s Sandeep Nailwal Not Satisfied With ‘Slumdog Billionaire 2’

The Cointelegraph Innovation Circle recently featured seven crypto experts in an article to help Web3 companies prep for tax season. Polygon’s Sandeep Nailwal recently shared his opinion about the movie ‘Slumdog Billionaire 2’, stating that the ‘Top 10… brings no satisfaction’.

For expert assistance in managing your crypto tax obligations and to experience the peace of mind that comes with precise tax filing, don’t forget to explore our cutting-edge crypto tax preparation service. Your financial clarity and confidence start here.

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