‘Hundreds of accounts’ at the Puerto-Rico based Euro Pacific Bank, founded by renowned millionaire broker and Bitcoin sceptic, Peter Schiff, have been placed under international investigation in relation to allegations of tax evasion, according to Australian news outlet The Age.
Indeed, The Age said that as part of a massive tax-fraud probe known as ‘Operation Atlantis’, the aforementioned accounts at the Euro Pacific Bank are being probed on suspicion of tax evasion and a number of other financial crimes. Operation Atlantis led by J5, a task force comprised of tax authorities from five major Western governments that was formed in the wake of the publication of the Panama papers.
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Schiff Denies Wrongdoing: the Allegations “Have Nothing to Do with Reality”
However, in spite of the J5’s probes, The Age reported that the bank continues to “[pump] suspected tax-lite dollars around the world.”
The same article alleges that Peter Schiff “intends to keep it that way.”
Indeed, Mr. Schiff’s father, Irwin, is something of a hero in the tax resistance movement; he died in prison, charged with tax evasion, after years of running a Las Vegas-based business called Freedom Books. The shop sold information packages that taught myriad Americans how to cheat the tax system.
However, Peter Schiff denies any and all allegations that Euro Pacific is guilty of any wrongdoing. Before storming out of an interview with 60 Minutes Australia last month, Schiff said that the allegations had “nothing to do with reality,” and that the bank “turns down far more accounts than we approve because our compliance is so rigorous.”
Peter Schiff is adamant authorities won’t find anything to implicate the bank. After refusing to answer any more questions from reporter Nick McKenzie, he left the final word to his wife. #60Mins pic.twitter.com/Cz2GP8awsc
— 60 Minutes Australia (@60Mins) October 18, 2020
Finance Magnates reached out to Euro Pacific Bank for commentary on this article; the bank did not immediately respond. Comments will be added as they are received.
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