A new OECD report highlights the benefits of greater co-operation between government financial intelligence units and tax administrations in tackling financial crimes and ensuring tax compliance.
The report Improving Co-operation between Tax and Anti-Money Laundering Authorities: Access by tax administrations to information held by financial intelligence units for criminal and civil purposes is based on survey data obtained from 28 countries on the access of tax administrations to STRs for both criminal and civil matters and provides a picture of the current state of play. The report recommends that, subject to the necessary safeguards, tax administrations should have the fullest possible access to the Suspicious Transaction Reports received by the FIU in their jurisdiction. To achieve this, jurisdictions should look to not only provide the legislative framework to allow tax administration access to STRs but also look to ensure the operational structure and procedures to facilitate the maximum effectiveness in the use of STRs.
The report was released at the Fourth OECD Forum on Tax and Crime in Amsterdam, an event which brought together over 200 senior officials and specialists from over 70 countries and international organisations, who collectively share responsibility for combating financial crime and terrorist financing. Discussion also focused on the need for capacity building to help developing countries to better fight financial crimes as part domestic resource mobilisation, and the implications of the dark web and the use of analytics to detect and deter financial crimes.
A new OECD report highlights the benefits of greater co-operation between government financial intelligence units and tax administrations in tackling financial crimes and ensuring tax compliance.
The report Improving Co-operation between Tax and Anti-Money Laundering Authorities: Access by tax administrations to information held by financial intelligence units for criminal and civil purposes is based on survey data obtained from 28 countries on the access of tax administrations to STRs for both criminal and civil matters and provides a picture of the current state of play. The report recommends that, subject to the necessary safeguards, tax administrations should have the fullest possible access to the Suspicious Transaction Reports received by the FIU in their jurisdiction. To achieve this, jurisdictions should look to not only provide the legislative framework to allow tax administration access to STRs but also look to ensure the operational structure and procedures to facilitate the maximum effectiveness in the use of STRs.
The report was released at the Fourth OECD Forum on Tax and Crime in Amsterdam, an event which brought together over 200 senior officials and specialists from over 70 countries and international organisations, who collectively share responsibility for combating financial crime and terrorist financing. Discussion also focused on the need for capacity building to help developing countries to better fight financial crimes as part domestic resource mobilisation, and the implications of the dark web and the use of analytics to detect and deter financial crimes.
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