An international group investigates 60 tax evasion schemes using cryptocurrencies

tax evasion with the use of cryptocuurencies

The J5 group, established last year by the tax authorities of such countries as the US, Australia, the UK, Canada, and the Netherlands, is currently investigating 60 major international schemes for cryptocurrency tax evasion. At least 12 of them are led by the Australian Revenue Service (ATO).

Additionally, the J5 group is considering 50 more tax evasion cases that could potentially fall into its area of interest.

ATO Deputy Commissioner Will Day noted that 1 of the investigations conducted by tax authorities is related to a large international financial institution and related to it intermediary companies.

According to him, thanks to participation in J5, the department has the opportunity to receive more information to prevent and solve tax crimes, including those related to cryptocurrencies.

He also added that quite often Australian market participants are intermediaries between tax evaders and offshore companies.

Recall that in May the Netherlands police, with the support of Europol, closed the popular Bitcoin mixer Bestmixer.io, which was allegedly used for money laundering. All relevant information was also provided to J5 members.