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financial crime

Government agencies around the world are waking up to the increasing threat of modernized financial crime. Despite the increased efforts of countless agencies around the world, criminal organizations have become more connected and intelligent than ever before.

It was announced on July 2nd by The Internal Revenue Service (IRS), that a new joint task force of tax enforcement authorities will be used to combat international and transactional tax crimes. This will also include cybercrimes commit with or through cryptocurrencies.

The force will be made of agencies from Canada, Australia, Netherlands and the U.K. They will be joining the IRS to form the Joint Chiefs of Global Tax Enforcement (J5). The force will be tasked with tracking and prosecuting tax crimes. The press release posted by the IRS, stated that the J5 was formed in response to the urgent call by the Organization for Economic Co-operation and Development (OECD).

The organization urged the agencies to increase their efforts in the fight against tax crimes. A meeting has already been conducted and it was determined that cryptocurrencies are a large area of concern when it comes to modern financial crimes.

The technological advancements can quickly connect the dots and international agencies can quickly coordinate and spot the patters which point to malicious activity and financial crime.

Modern technology used against modern financial crime

It’s no secret that the information flow is massive and huge data analytics can already use structured and unstructured raw data from different sources. This includes but is not limited to data from mobile devices, GPS devices, cars, geolocation and social media. This information ca be used to spot hidden connections between accounts and track the source.

One of the main reasons for the creation of  this joint force is the dynamic exchange of data. Information sharing across borders can really make the difference on the global scale. Every policymaker should heavily prioritize the efforts against modern financial crime. If the battle against modern financial crimes is successful, much more attention can be put on the societal issues which plague the modern world.

Technology has always been a crime enabler. Sophistication and intelligence is something shadow organizations possess in spades. It’s also the biggest and best tool to fight the said organizations. International agencies need to put all their available resources together not only in the fight against modern financial crime, but to all of its aspects.

The director of the Canada Revenue Agency, Johanne Charbonneau, stated that J5 is taking on a serious commitment with the resources invested into the international cooperation. There are no disclosed details on the ways the J5 will use to take on modernized financial crime. An update can be expected in the end of 2018.

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About Ian Karamanov

Based in Sofia, Bulgaria. Writing about cryptocurrency, politics, finance and esports. Keen interest in unedited history, spirituality and freedom.

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