The Joint Chiefs of Global Tax Enforcement (J5) body will build on existing international cooperation by sharing intelligence and expertise, and will work together on joint operations to crack down on those who make a living out of enabling tax crime.
Simon York, director of HM Revenue & Customs’ fraud investigation service, said: “Tax crime and money laundering are becoming increasingly global and sophisticated, so it’s crucial we continue to work with international partners to tackle these threats.
“Working together, we are broadening the horizon of tax crime enforcement, making the world smaller for those seeking to exploit our systems and ensuring no one is beyond our reach.”
Unprecedented cooperation
Richard Morley, partner in the Tax Dispute Resolution Team at BDO, said: “We have never before had a group of jurisdictions actively working together.
“Collaboration between the five countries will prove a vital tool and a good example of how world leaders can tackle tax fraud as it becomes ever-more complex.
“The ability to share information and expertise, and to craft effective plans and strategies on a joint basis, will bring a new level of transparency to the fight against global tax fraud.”
J5 has formed in response to a call to action from the Organisation for Economic Co-operation and Development (OECD) for countries to do more to tackle the enablers of tax crime.
All five J5 countries face similar threats of “organised crime groups and wealthy offshore tax evaders who are well resourced and have access to professional enablers to hide income and assets using the global financial system”.
