International partnerships tackling tax evasion: the GFIP Summit brings together public and private sector groups to strengthen global financial crime detection, prevention

The Australian Taxation Office (ATO) hosted the fifth Global Financial Institutions Partnership (GFIP) Summit from Nov. 10 to 12.

Held this year in Sydney, the GFIP Summit, which is an initiative of the Joint Chiefs of Global Tax Enforcement (J5), brings together public and private sector groups to strengthen global financial crime detection and prevention.

Deputy Commissioner John Ford emphasized the importance of these partnerships and the role they play on a global scale.

"The Summit offers a chance to share strategies and expertise, and work together to tackle international tax evasion, financial crime, and money laundering," Ford said. "The sharing of capabilities between government agencies and private sector groups puts us in the best possible position in detecting these behaviors early and acting swiftly."

Attending and presenting at this year’s summit were representatives from several international revenue agencies, financial institutions and law enforcement agencies.

Across the three days of the Summit, participants:

  • Examined the evolving threat environment, exploring how geopolitical shifts, artificial intelligence (AI), and financial technology (fintech) innovation are reshaping the landscape of transnational tax crime and money laundering.
  • Focused on public-private collaboration, showcasing how banks, fintechs, regulators, and law enforcement can work together to close compliance gaps and detect illicit flows earlier.
  • Advanced operational readiness through focused sessions on identity crime, cyber threats, and the cash compensation model.
  • Discussed how complex networks of service providers and hidden relationships can be used to obscure financial flows and make detection more difficult.

"The ATO, along with our partner agencies, are combatting tax evasion and will hold anyone giving themselves an unfair advantage to account," Ford said.

The J5 leads the fight against international tax crime and money laundering. The group brings together leading financial experts from the United Kingdom, United States, Australia, Canada and the Netherlands to share intelligence at speed, build capacity and conduct operational activity. For more information on the J5 and recent results, visit the Joint Chiefs of Global Tax Enforcement website.

While tax evasion and money laundering are global issues, it can also be seen on a local level through the community. The information ATO receives through community tip-offs is instrumental in creating a level playing field – you can confidentially report suspected tax crime or fraud by making a tip-off online or calling 1800 060 062.

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