As part of a series of investigations in multiple countries whose financial institution products are believed to encourage money laundering and tax evasion for customers across the globe, a worldwide coordinated day of action to put a stop to the hoax has been undertaken this week. The coordinated day of action which held across the UK, US, Canada, Australia and the Netherlands involved evidence, intelligence and information collection activities. Further criminal, civil and regulatory action will arise from these actions in each country as significant information was obtained as a result and investigations are ongoing. The coordinated day of action is the first major operational activity for the Joint Chiefs of Global Tax Enforcement, also known as J5 formed in mid-2018 to lead the fight against international crime and money laundering. Tax Chiefs from the US, UK, Australia and Canad made meaningful contributions to the event as they all agreed to close the net on tax criminals, no matter their hideout or location to ensure no one is beyond the reach because international tax evasion robs public services of vital funds, undermines economies and if left unchecked, can enrich the dishonest at the expense of honest majority.
