The Australian Tax Office (ATO), the country’s tax agency, is investigating 12 international crypto tax avoidance schemes. The J5 (The Joint Chiefs of Global Tax Enforcement) announced the crackdown after a recent meeting. The news comes from a report of the country’s daily.
The union is planning to pursue 50 global investigations. ATO’s deputy commissioner, Will Day revealed that at least one of the subjects of ATO’s investigation is a global financial institution. Apparently, they have helped clients hide assets and income data.
J5 is an international task force comprising tax enforcement authorities from 5 countries. These countries are Australia, Canada, the Netherlands, the United Kingdom, and the United States formed in 2018. The force addressed various areas of concern and cross-national tax crime threats including cryptocurrency-related risks.
Due to all these nefarious activities, Australian Financial regulators have recently introduced new crypto regulations. Apart from this, the Australian Finance Regulator issued a warning against crypto exchange OneCoin for scamming investors.