In an effort to crackdown on world money laundering, tax evasion and organised cybercrime, the United States’ Internal Revenue Service (IRS) has spearheaded the advent of a multinational company to handle the issue.

The J5 group, established last year by the tax authorities of the United States, Australia, the United Kingdom, Canada and the Netherlands, is currently investigating 60 major international schemes for cryptocurrency tax evasion. At least 12 of them led to the Australian Revenue Service (ATO), reports The Sydney Morning Herald.

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

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

“We see that the use of cryptocurrency has reached a level that was not previously observed. Not in a way that had never been seen before. Australia definitely allows legitimate investments in cryptocurrencies, but we also see their use for tax crimes, ”said Will Day.

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, which was allegedly used for money laundering. All relevant information was also provided to J5 members.

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