The J5, or the Joint Chiefs of Global Tax Enforcement, was formed in 2018 by tax authorities from the United States, Australia, Britain, Canada and the Netherlands. He said later that the order referred to “insufficient capital” and that there was nothing about money laundering or tax evasion. Schiff, who said he was now the full owner of the privately held bank, expressed surprise at the decision by the bank regulator and said there was “no advance warning.” He added that it “makes no sense” because “the bank has done nothing wrong.” When asked whether the bank would challenge the suspension order, Mr. Schiff acknowledged that Internal Revenue Service agents had interviewed him, but he said neither he nor the bank was the subject of the inquiry. The investigation by the J5 into Euro Pacific and some of its offshore customers was first reported in fall 2020 by The New York Times and two Australian media organizations. She added that the bank regulator would “not allow or tolerate any financial entity with a license issued by the government of Puerto Rico to operate outside the law or ignore the clear mandates of applicable laws and regulations.” “Euro Pacific has a long history of noncompliance,” the office’s commissioner, Natalia Zequeira Díaz, said in a statement. Two years earlier, an international group of tax authorities known as the J5 opened an investigation into activities that allowed the bank to serve as a vehicle for suspected tax evasion and money laundering. The regulator, the Office of the Commissioner of Financial Institutions of Puerto Rico, issued the cease-and-desist order on Thursday against Euro Pacific Bank, which is based in San Juan, for having inadequate capital levels and compliance controls. A bank regulator in Puerto Rico says it has suspended the operations of a boutique online bank that has been the focus of an international tax-evasion investigation and is owned by Peter Schiff, the outspoken libertarian economist and money manager.
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