Global – COVID-19 Pandemic Spurs Crypto Law Updates in J5 Countries

The members of the Joint Chiefs of Global Tax Enforcement (J5) are updating their crypto laws to prevent financial crimes and money laundering.

The J5 is a multiagency coalition that includes government agencies from Australia, Canada, the Netherlands, the United Kingdom and the United States. It was formed in mid-2018 by the U.S. Internal Revenue Service in response to a call to action from the Organization for Economic Cooperation and Development for countries to do more to tackle the enablers of cross-border tax and related crime by those individuals who have access to resources and professional enablers as well as by organized crime groups

Cybercriminals are taking full advantage of the COVID-19 pandemic, which has forced life into a digital realm, by leveraging increased fear and uncertainty to steal money and launder it through the complex cryptocurrency ecosystem.

 Accordingly, J5 has ramped up its efforts by arresting cybercriminals suspected of laundering millions of dollars in cryptocurrency, according to a J5 joint statement. The J5 also has been updating its Anti-Money Laundering and Combatting the Financing of Terrorism laws for cryptocurrencies in accordance with Financial Action Task Force standards, with Australian researchers having linked half of all yearly transactions in the $250 billion Bitcoin (BTC) market to illegal activity.

Learn more about what the J5 is doing and about the new Canadian cryptocurrency AML/CTF laws here.

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selva ozelli, esq.,cpa
april 18, 2020