Cyber Security Articles & News

IRS Spearheading Effort to Combat Crypto Tax Evasion, Laundering

The crackdown on cryptocurrency-related crimes continues, and tax evaders have been put on notice accordingly. The United States’ Internal Revenue Service (IRS) has launched a Joint Chiefs of Global Tax Enforcement, J5 for short, in an effort to combat both tax evasion and money laundering, and in part cryptocurrency’s use to effect these crimes, both in the United States and worldwide.

Money Crimes Come Under Scrutiny

The United States has teamed up with Australia, Canada, the Netherlands, and the United Kingdom in a mission to crackdown on a variety of financial crimes. The announcement comes two weeks after the U.S. Secret Service addressed Congress and emphasized the need for increased action against money laundering in general and the illicit use of cryptocurrencies.

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WATCH: The First Recorded Statement Of Security Awareness Training?

I was just sent a link to video of Kevin Mitnick's testimony before a congressional committee of March 2, 2000 where he explained how he was able to hack into dozens of large organizations including the IRS using social engineering as his only tool.

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The first step toward change is awareness. The second step is acceptance.

With an ever evolving regulatory landscape and with increasingly smart technology at our fingertips, it’s probably time we paused to examine the way we’re doing business. Just because it’s been done a certain way for years, it doesn't mean that’s still the right way. Businesses need to start seeing the bigger picture rather than forever playing catch-up, as so many are guilty of thus far. Breaking the cycle means analysing the threats that businesses can anticipate both now and in the coming months and years, and determining the smartest solution for them.

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