Australia has signed up to the Joint Chiefs of Global Tax Enforcement alliance (J5) in a bid to tackle offshore tax crimes, Minister for Revenue and Financial Services, Kelly O’Dwyer, has said.
The J5, which also includes Canada, the US, UK and the Netherlands, would be focussed on cybercrime, virtual currencies, enablers of offshore tax crime and data platforms.
O’Dwyer said the J5 would target those who enable and facilitate offshore tax crime and disrupt the serious organised crime syndicates who evade tax, commit tax fraud and launder the proceeds of their crime.
“By being a member of the J5, Australia can move beyond sharing data and intelligence, reports and frameworks with international partners,” she said.
Minister for Law Enforcement and Cyber Security, Angus Taylor, said offshore service providers were playing an increasing role in assisting tax evasion, and even laundering the proceeds of crime.
“Offshore cybercriminals are also specialising in targeting Australian financial systems,” he said. “Australia’s participation in the J5 will strengthen our response to offshore threats and technology-enabled financial crime.”