IRS-CI Delivers Record-Breaking Results in FY24

"Behind every great fortune there is a crime." - Honore de Balzac

What a ride 2024 has been for the IRS Criminal Investigation (IRS-CI)! It's like something straight out of a crime thriller, and this year's Fiscal Year 2024 Annual Report is nothing short of extraordinary. But this year wasn’t just about catching the bad guys; it was about rewriting the playbook. For the first time ever, IRS-CI made history with major milestones: handling sentencings tied to conservation easement schemes, nabbing a taxpayer for dodging taxes on crypto gains, leading a task force to tackle fentanyl trafficking, and securing a monumental financial settlement from the world’s largest cryptocurrency exchange for anti-money laundering and sanctions violations. Chief Guy Ficco summed it up perfectly—FY24 wasn’t just another year; it was a chapter for the history books, echoing their legendary takedown of Al Capone.

A Strategic Evolution in Financial Crime Fighting

This year’s results underscore IRS-CI’s evolution in responding to modern financial crime—an evolving battle against sophisticated tech-savvy criminals who use increasingly complex methods to hide their financial tracks. IRS-CI has evolved with the times, ramping up their technological capabilities to follow the money trail wherever it leads.

In FY24, IRS-CI initiated over 2,667 criminal investigations, racking up an impressive 1,571 convictions. They’re not just catching criminals, they’re staying ahead of the curve, adapting to new digital landscapes and taking down perpetrators who misuse cryptocurrencies and operate on global platforms.

Going Global

But it’s not just about the U.S. anymore. IRS-CI has extended its global reach by establishing attaché posts in Nassau and Singapore. These moves are game-changers, allowing them to swiftly tackle international financial crimes. Collaborating with international tax enforcement bodies like the Joint Chiefs of Global Tax Enforcement (J5), IRS-CI is taking a united stand against global financial corruption. When it comes to financial crime, teamwork makes the dream work.

The international expansion isn't just about building more offices—it’s about staying connected in real-time with counterparts worldwide, sharing critical resources and intelligence, and improving the speed and efficiency of global financial investigations. These strategic outposts also enable IRS-CI to pinpoint financial crimes faster, ensuring criminals can't hide behind international borders.

Tackling the Opioid Crisis

The opioid epidemic remains a top priority. IRS-CI’s Counter-Fentanyl Strike Force has been actively dismantling the financial networks that fuel the fentanyl trade. Partnering with the Treasury’s Office of Terrorism and Financial Intelligence, they’ve been tracking the illicit money trail that funds drug cartels, significantly disrupting their operations.

By going after the financial networks rather than just individuals, IRS-CI is cutting the supply of fentanyl at its source. For example, the takedown of figures like Jonathan King and Branea Bryant showcases their effectiveness in stopping money laundering operations that fuel global drug trafficking. This initiative doesn't just shut down cartels; it saves lives.

The Numbers Speak for Themselves

Let’s talk numbers—because these are the kinds of statistics that matter. In FY24 alone, IRS-CI initiated 1,294 non-tax crime investigations, resulting in 1,120 prosecutions and 967 convictions. They've uncovered over $9.1 billion in fraud, secured $1.7 billion in restitution orders, and seized $1.2 billion in criminal assets. This is big money, and IRS-CI is putting a serious dent in the criminal economy.

The impact is huge. These recoveries go beyond punishing wrongdoers; they help repair the fiscal damage done by these crimes, supporting the federal treasury and mitigating the broader economic impact. It’s not just about bringing criminals to justice—it’s about restoring the financial integrity of the nation.

IRS-CI’s Strategic Vision

What’s next for IRS-CI? They’re just getting started. As we head into FY25 and beyond, the agency is gearing up to expand its capabilities even further. Expect them to deploy more cutting-edge tech, grow their global presence, and continue adapting to new financial crime trends. Their focus remains on innovation and collaboration to safeguard both American taxpayers and the global financial system.

IRS-CI is setting the stage for the future of financial crime fighting, using data, collaboration, and technology to stay one step ahead. The IRS-CI FY24 Annual Report is more than just a reflection of past achievements; it’s a preview of what’s to come. As the criminals evolve, so does the fight.

Redefining the Fight Against Financial Crime

The IRS Criminal Investigation division isn’t just solving financial crimes—it’s shaping the future of global financial justice. From disrupting digital schemes to dismantling the networks behind the opioid crisis, their work saves lives, recovers billions, and restores trust in the financial system. As FY24 sets the bar higher than ever, IRS-CI’s vision for FY25 promises even greater strides. Armed with cutting-edge technology, a growing global network, and a steadfast commitment to innovation, they’re ready to tackle the challenges of tomorrow. With IRS-CI leading the charge, one thing is certain: the bad guys are running out of places to hide. Subscribe to our newsletter for more insights and updates delivered straight to your inbox!