J5 Held a Training on Finding Tax Crypto Criminals
The second “Challenge” of 2019 was held in Los Angeles on November 8. It was entirely dedicated to cryptocurrency. The main goal of the joint global tax law enforcement committee is to remove barriers to fruitful work together.
U.S. representative Ryan Korner noted:
Cybercrimes and the cybercriminals who commit them don’t have any borders and it’s imperative that we work together to protect the global financial system and the integrity of each nation’s tax system
The event was divided into two parts - theoretical and practical. During the first part, experts discussed ways to use various information sources, including offshore data. All the participants got the same knowledge on this topic.
Practical part
Being divided into groups and using various tools, analysts and experts got information for detecting offenses: actual transaction data, real crimes. They had to analyze them, using the knowledge acquired during the theoretical part.
It turned out that all groups did an excellent job using foreign experience. They found criminals evading taxes just in a couple of hours, while it would take more than one month in reality.
As a result, they formed recommendations on the investigation methodology, applicable to all J5 participating countries, that will be used in current and future investigations.
The issue of taxation of income from cryptocurrencies worries most countries. As we wrote earlier, the United States will soon release a cryptocurrency tax guide. Tax calculation will become simpler and more clear.