Euro Pacific Bank, founded by Peter Schiff, is under investigation by five countries’ tax authorities. The bank’s customers have allegedly included several tax fraud masterminds and a Russian syndicate described by the FBI as the world’s worst cybercrime group.
Euro Pacific Bank Surveyed by Tax Authorities
Euro Pacific Bank, a Puerto Rico-licensed bank founded by the gold bug and skeptic Peter Schiff, is then reportedly under investigation by the tax authorities of Australia, Netherlands, US, Canada, and UK media outlets have cooperatively investigated the story.
According to an article published last Sunday, the probe, named “Operation Atlantis,” has been launched simultaneously by the five tax authorities last January. Australia’s deputy commissioner, Will Day, states that this operation is targeting international money laundering and tax evasion, further calling the inquiry into Euro Pacific Bank “unprecedented.”
Tax authorities have arrested a Euro Pacific client. The US Internal Revenue Service had intercepted Schiff and his partner Mark Anderson for questioning. The financial transactions of the Euro Pacific Bank’s clients were then examined, and hundreds of bank customers are alleged to tax evasion. The accountants and financial institutions link the taxpayers to Peter Schiff’s bank.
Euro Pacific’s correspondent banks purportedly include Westpac, Western Australian government-backed Perth Mint, the New York Federal Reserve, and Canada’s Bank of Montreal.
The Euro Pacific Bank customers have allegedly included Sydney businessman named Simon Anquetil, who was behind the Plutus Payroll fraud scheme and stole more than $105M. Some clients have included Hollywood film financer Darby Angel, a drug trafficking conviction, and the Canadian national Gunnar Helgason. The FBI also linked an account at Euro Pacific to a Russian syndicate described as the world’s worst cybercrime group. At least 400 customers of the bank came from Australia, most of whom are considered “high-risk.”
Peter Schiff agreed to a Zoom interview with 60 Minutes in Australia last month from his home outside New York. However, he abruptly walked out of the interview after repeatedly asking about his bank and its tax evasion probe. “Schiff threatened to sue this publication, ripped off his microphone and stormed out of his own living room,” The Age detailed. 60 Minutes Australia tweeted Sunday:
Peter Schiff had agreed to a Zoom interview last month from his home outside New York. But he abruptly walked out of the interview after he was repeatedly asked about the bank and its tax evasion probe.
The former IT director of Euro Pacific Bank, John Ogilvie, also revealed the problems with the bank’s security, noting that the Russians have tried to extort the bank for a ransom of 1,000 BTC.
The Schiff family is famous for disliking paying taxes. Irwin Schiff, Peter Schiff’s father, has died in jail after being convicted of tax evasion. He ran a business named Freedom Books, further selling the information that taught thousands of Americans how to cheat the system.