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From: Canada Revenue Agency<\/a><\/strong><\/p>\n The Joint Chiefs of Global Tax Enforcement (J5) recently hosted its fourth Global Financial Institutions Partnership (GFIP) Summit. This crucial event brought together financial institutions, banking associations, and Financial Intelligence Unit (FIU) representatives to strengthen global efforts.<\/p>\n Participants collaboratively discussed highly effective strategies for combating escalating tax and financial crime. The Canada Revenue Agency (CRA) proudly organized this international summit in Ottawa, Canada, from October 22-23, 2024.<\/p>\n The Canada Revenue Agency (CRA), a key J5 member, spearheaded the two-day international summit. Over 100 participants from Australia, Canada, the Netherlands, the United Kingdom, and the United States of America gathered in the Canadian capital.<\/p>\n Experts from both public and private sectors convened to explore challenges and opportunities in managing current and future tax and financial crime risks. The summit facilitated open dialogue through engaging panel discussions and presentations, enhancing vital networks across all partners.<\/p>\n The summit addressed wide-ranging topics of common interest for GFIP partners, focusing on three critical areas. Participants deeply explored crimes stemming from identity theft, the misuse of financial technology, and complex trade-based money laundering schemes.<\/p>\n Senior representatives from leading banking institutions, bank associations, FIUs, and the five J5 countries led the conference’s impactful panel discussions. This GFIP Summit edition prioritized developing specific typology papers and other threat-focused projects.<\/p>\n Canada’s J5 Chief and Director General of the Criminal Investigations Directorate at the CRA, Eric Ferron, expressed honour at hosting the 2024 GFIP Summit. He emphasized the continuous evolution of tax and financial crime, necessitating constant adaptation from global partners.<\/p>\n Ferron highlighted the GFIP Summit as an ideal forum for senior financial and tax leaders. They can address shared challenges through public-private partnerships, collaborating to fight international tax evasion, financial crime, and money laundering effectively.<\/p>\n Acting J5 Chief and Deputy Commissioner at the Australian Taxation Office (ATO), Jade Hawkins, underscored the value of global collaboration. She noted that insights and strategies shared at the summit are crucial for driving impactful change in the global financial ecosystem.<\/p>\n Niels Obbink, Director General of the Dutch Fiscal Intelligence and Investigation Service (FIOD), appreciated the CRA’s hospitality. He described enlightening discussions on emerging threats, project updates, and relationship building during the two-day event in Ottawa.<\/p>\n The summit extensively covered Trade-Based Money Laundering (TBML), specifically relating to the plastic waste sector. The United Kingdom and the Netherlands worked with private sector partners and FIUs, conducting a detailed analysis of the sector’s TBML exposure.<\/p>\n This initiative created a potentially replicable method for other GFIP stakeholders and J5 partners. Next steps involve operationalizing these insights to support multi-agency intervention activities, with anticipated positive results from these projects.<\/p>\n Richard Las, Director of the Fraud Investigation Service at His Majesty\u2019s Revenue and Customs (HMRC), asserted that tax authorities cannot tackle tax crime in isolation. Businesses play a vital role in countering those who undermine economies and communities.<\/p>\n Las emphasized the importance of GFIP, where public and private sectors collaborate to identify threats, share knowledge, and target harmful actors. He expressed delight at the strengthened partnerships and real progress made against key threats like identity crime and TBML.<\/p>\n Guy Ficco, Chief, Internal Revenue Service Criminal Investigation (IRS-CI), noted that banks’ time investment at the GFIP Summit demonstrates their commitment. This collective desire reflects a shared goal to combat international tax evasion.<\/p>\n Ficco pointed out that the J5 assumes a leadership role in fostering this bank partnership. This collaboration promises dividends through shared information, improved teamwork, and investigative actions, making criminal operations significantly harder.<\/p>\n Recognizing the essential need for trust and commitment, all five J5 countries presented their approaches to domestic and international public-private cooperation. This exchange fostered mutual understanding and strengthened dedication to shared objectives.<\/p>\n The presentations significantly increased trust and confidence among the public and private sector representatives present. These discussions are pivotal in building a robust, united front against financial illicit activities.<\/p>\n The J5 initiated its first GFIP summits in London and New York in 2022, followed by Amsterdam in 2023. Through these recurring summits, J5 members and private sector representatives reaffirm their commitment to joint action against tax and financial crime.<\/p>\n The J5: A Global Enforcement Alliance<\/strong><\/p>\n The J5 actively works together to gather information, share critical intelligence, and conduct coordinated operations against transnational financial crimes. This powerful alliance includes the Australian Taxation Office (ATO), the Canada Revenue Agency (CRA), the Dutch Fiscal Intelligence and Investigation Service (FIOD), His Majesty\u2019s Revenue and Customs (HMRC), and IRS Criminal Investigation (IRS-CI).<\/p>\n For additional insights into global enforcement efforts, you might want to Read our immigration guide<\/a>.<\/p>\n The J5 GFIP Summit aims to enhance public-private cooperation and share effective practices to combat tax and financial crime globally. It brings together experts from government and financial sectors to address evolving threats.<\/p>\n This year’s GFIP Summit concentrated on three primary areas: identity theft-based crimes, the misuse of financial technology (fintech), and complex trade-based money laundering (TBML) schemes.<\/p>\n Public-private partnerships facilitate information sharing, enhance intelligence gathering, and allow for coordinated operational responses. This collaborative approach makes it significantly harder for criminals to operate and strengthens global enforcement efforts against tax evasion and financial crime.<\/p>\n The J5 comprises the Australian Taxation Office (ATO), Canada Revenue Agency (CRA), Dutch Fiscal Intelligence and Investigation Service (FIOD), His Majesty\u2019s Revenue and Customs (HMRC), and IRS Criminal Investigation (IRS-CI). These five countries collaborate to identify, investigate, and prosecute transnational tax and financial crimes.<\/p>\n The J5 initiated its first GFIP summits in London and New York in 2022. In 2023, the summit moved to Amsterdam, continuing its tradition of fostering international collaboration against financial crime.<\/p>\n For more information about the J5 and their ongoing efforts, please visit www.irs.gov\/j5<\/a>.<\/p>\n Stay informed about the latest developments in tax enforcement and financial crime prevention. The J5 and its partners continuously work towards a more secure global financial system.<\/p>\n Alain Mukeba<\/strong> Media Relations<\/strong> Search for related information by keyword:<\/strong><\/p>\n The Joint Chiefs of Global Tax Enforcement (J5) welcomed financial institutions, banking associations, Financial Intelligence Unit (FIU) representatives and other partners at the fourth Global Financial Institutions Partnership (GFIP) Summit to discuss effective practices in combating tax and financial crime. … <\/i>Read More<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[100],"tags":[],"class_list":["post-6935","post","type-post","status-publish","format-standard","hentry","category-taxation"],"_links":{"self":[{"href":"https:\/\/applytocanada.com\/en\/wp-json\/wp\/v2\/posts\/6935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/applytocanada.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/applytocanada.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/applytocanada.com\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/applytocanada.com\/en\/wp-json\/wp\/v2\/comments?post=6935"}],"version-history":[{"count":0,"href":"https:\/\/applytocanada.com\/en\/wp-json\/wp\/v2\/posts\/6935\/revisions"}],"wp:attachment":[{"href":"https:\/\/applytocanada.com\/en\/wp-json\/wp\/v2\/media?parent=6935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/applytocanada.com\/en\/wp-json\/wp\/v2\/categories?post=6935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/applytocanada.com\/en\/wp-json\/wp\/v2\/tags?post=6935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Driving Public-Private Collaboration to Combat Financial Crime<\/h2>\n
Key Focus Areas for GFIP Partners<\/h3>\n
Insights and Strategies from J5 Leaders in Combating Financial Crime<\/h2>\n
Strengthening International Public-Private Partnerships<\/h3>\n
Frequently Asked Questions about the J5 GFIP Summit<\/h2>\n
What is the main objective of the J5 Global Financial Institutions Partnership Summit?<\/h3>\n
Which critical financial crimes did the GFIP Summit focus on?<\/h3>\n
How does public-private partnership combat tax evasion and financial crime effectively?<\/h3>\n
Who are the members of the J5, and what is their role in global tax enforcement?<\/h3>\n
Where has the GFIP Summit been held in previous years, fostering international collaboration?<\/h3>\n
Connect with Us<\/h2>\n
Contact Information<\/h3>\n
Press Secretary
Office of the Minister of National Revenue
alain.mukeba@cra-arc.gc.ca<\/a><\/p>\n
Canada Revenue Agency
613-948-8366
cra-arc.media@cra-arc.gc.ca<\/a><\/p>\nStay Connected<\/h3>\n
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