• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Cryptocurrencies

Australia targets cryptocurrencies in international tax crackdown

Australia targets cryptocurrencies in international tax crackdown
  • Pedro Gonçalves
  • @PeterHSG
  • 06 June 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

More than 50 joint investigations into high-end tax avoidance schemes detected through global data sharing by key countries focused on the abuse of cryptocurrencies. are under way involving Australia's tax office and four of its international counterparts.

The ATO's intensified cross-border investigations were reportedly revealed following a meeting of the J5 — also known as "The Joint Chiefs of Global Tax Enforcement."

Related articles

  • Hundreds of Australians caught up in global sting by tax agencies
  • Tax authorities clamp down on cryptocurrencies
  • Global tax chiefs undertake worldwide tax fraud probe
  • Australia anticipates A$3bn in cryptocurrency tax fines

The J5 is an international taskforce of tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the United States. It was established in July 2018 in a bid to tackle cryptocurrency- and cybercrime-related risks, in particular their role in transnational tax crimes and money laundering.

At no other time have criminals been at greater risk of being caught"

According to The Sydney Morning Herald, the latest J5 meeting revealed the coalition was intensively sharing data to pursue 60 global investigations, with the ATO reportedly directly involved in 12.

ATO deputy commissioner Will Day has reportedly revealed that at least one of the investigations involves a global financial institution and its intermediaries, which is believed to have helped clients conceal assets and income data. In his statement, Day singled out the risks posed by cryptocurrencies.

"We're seeing the use of cryptocurrencies in ways that we haven't seen before. At the Australian level, there is definitely legitimate use for investment in cryptocurrencies, but we're also seeing the use of them to facilitate tax crimes," he said.

The partnering of the ATO with other members of the J5 meant far more information was now available that underpinned data-matching activities aimed specifically at tax criminals.

"At no other time have criminals been at greater risk of being caught," Day added. "In Australia, they are often intermediaries who are playing a role between the tax evader and an offshore entity."

In conjunction with the Australian Securities and Investment Commission and the Australian Transaction Reports and Analysis Centre, the agency is identifying crypto traders using data sourced from domestic cryptocurrency exchanges.

 

 

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Cryptocurrencies
  • Australia
  • ATO
  • Crypto
  • Bitcoin
  • taxation
  • tax avoidance

More on Cryptocurrencies

Erratic Bitcoin leaves industry divided as Square invests $170m

  • Cryptocurrencies
  • 24 February 2021
Comment: Are cryptocurrencies the new gold?

  • Comment
  • 19 January 2021
Comment: Why Bitcoin needs greater regulatory scrutiny

  • Cryptocurrencies
  • 15 January 2021
FCA issues warning on cyrptocurrencies as Bitcoin volatility continues

  • Cryptocurrencies
  • 11 January 2021
DeVere's Green sells 'half of bitcoin holdings' over Christmas

  • Cryptocurrencies
  • 04 January 2021
Back to Top

Most read

HSBC Singapore CEO to leave for Saudi British Bank
HSBC Singapore CEO to leave for Saudi British Bank
Global UHNWI population to grow by 27% over the next five years: Knight Frank
Global UHNWI population to grow by 27% over the next five years: Knight Frank
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
J.P. Morgan Asset Management launches Global Income Sustainable Fund
J.P. Morgan Asset Management launches Global Income Sustainable Fund
Comment: Four key issues powering the renewable energy revolution
Comment: Four key issues powering the renewable energy revolution
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading