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Tackling financial crime and protecting tax revenues through global collaboration

Published on 01 Feb 19 by "THE TAX SPECIALIST" JOURNAL ARTICLE

Financial crime, including tax evasion, has long been a problem faced by governments and regulators around the world. Rapid developments in electronic trading and the globalisation of business generally have inevitably brought with them increased opportunities for criminal financial activity. It has also become apparent that no-one can tackle these problems alone. Governments worldwide must collaborate, as must regulatory bodies and police forces. This article looks at the development of financial crime and draws on examples to show how active collaboration on a worldwide scale is helping to bring financial criminals to justice and protect global tax revenues. It also recognises, however, that all of these collaborative efforts merely represent a “work-in-progress” and that the Holy Grail of eliminating tax evasion is a war where battles may be won along the way, but ultimate victory remains frustratingly elusive.

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Allastair McGillivray
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