Global tax chiefs target international tax evasion

taxes/tax-evasion/money-laundering/ATO/australian-taxation-office/

24 January 2020
| By Oksana Patron |
image
image
expand image

Global tax chiefs have announced they have undertaken unprecedented multi-country day of action to tackle international tax evasion across the UK, the US, Canada, Australia and the Netherlands and was a part of investigation in multiple countries into an international financial institution located in Central America whose products were believed to be facilitating money laundering and tax evasion.

This was also the first major operational activity for the Joint Chiefs of Global Tax Enforcement, known as the J5, formed in mid-2018 to lead the fight against international tax crime and money laundering, with the group bringing together leaders of tax enforcement authorities from Australia, Canada, the UK, US and the Netherlands.

Following this, the Australian Taxation Office (ATO) commenced investigations into Australian based clients of this institution who were suspected to have undeclared income and the Australian Criminal Intelligence Commission (ACIC) would be playing a supportive intelligence role, and investigations into more clients may follow.

“This is the first coordinated set of enforcement actions undertaken on a global scale by the J5 – the first of many,” said Don Fort, US chief, internal revenue service criminal investigation.

“Working with the J5 countries who all have the same goal, we are able to broaden our reach, speed up our investigations and have an exponentially larger impact on global tax administration. Tax cheats in the US and abroad should be on notice that their days of non-compliance are over.

“Never before have criminals been at such risk of being detected as they are now. Our increased collaboration, data analytics and intelligence sharing mean there is no place worldwide you can hide your money to avoid contributing your obligations.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS