Euro Pacific bank is a scam

[Martin Everson]

As of August 17, 2021 (last revised), "Funds" has changed from "Eligible" to "Ineligible"
https://www.frbservices.org/EPaymen...l?referredBy=fedwireResultsPage&aba=021502820

Thanks. Well that explains why I could not find them. Fed indeed closed their account....lol. Wonder if it was an extension of the existing operation. There was some rumors that were proved false related to EPB and Spanish politician and Venezuela if I remember.

Yeah, everyone received a notification. I would not count them off just yet, a cat's got 9 lives ...

This bank like a zombie that just won't die. If US Fed closed their account I can't see any bank rushing to offer correspondence banking services in USD or in any currency .

 

[uplana]

This bank like a zombie that just won't die. If US Fed closed their account I can't see any bank rushing to offer correspondence banking services in USD or in any currency .

they are still open for new clients

 

[Martin Everson]

they are still open for new clients

Yes soon they will offer clients a carrier pigeon service for money transfers. Well it may actually be quicker and more reliable than their normal wire processing.

 

[csp dubai]

novobank is quite a good bank, i wouls give them a try

 

[Marios]

novobank is quite a good bank, i wouls give them a try

in which country is this bank located?

 

[csp dubai]

portugal i the correspondent of europacific is ggod strong eu bank i think it will work

 

[Martin Everson]

Novo Banco Portugal is garbage bank and has been a basket case bank for a while. I am surprised the bank is still around. It has a complete junk rating with short term credit rating basically near default. If you keep any money beyond amounts protected by deposit protection then expect to lose it all at some point with Novo Banco .

https://www.novobanco.pt/institucional/investidores/informacao-divida/rating
https://www.moodys.com/research/Moo...-and-senior-unsecured-debt-ratings--PR_423211
In short if you think Novo Banco Portugal is a good strong EU bank then your smoking crack my friend. The bank is a bigger joke than europacific bank so makes sense why they keep company.

 

[Silvio]

In short if you think Novo Banco Portugal is a good strong EU bank then your smoking crack my friend. The bank is a bigger joke than europacific bank so makes sense why they keep company.

I'm surprised to see there's a bank you hate more than EPB

I think Novo even had an office in Luxembourg that was known to open all sorts of accounts until that particular office was shut down ...

 

[Martin Everson]

I wonder if EPB used some sort of shady intermediary to obtain that correspondence relationship with Novo Banco?

 

[csp dubai]

why martin is so negative on epb at the end is us bank , one of the licence in the world , no one refuse a wire from us

 

[JohnLocke]

why martin is so negative on epb at the end is us bank , one of the licence in the world , no one refuse a wire from us

Obvious there is something wrong with this bank, the longer they are in business at some point the more money people will lose. That's why people here get warned I believe.

 

[csp dubai]

hm if was something wrong fincen would have published red noitce , not you think so? Is a usa bank you not want to have problems there

 

[Sols]

hm if was something wrong fincen would have published red noitce , not you think so? Is a usa bank you not want to have problems there

It's not a bank. It's not in the US. It's not under FinCEN's jurisdiction (not to the same degree a domestic US bank is).

It's a financial institution but the regulations are not at all as stringent as banking laws.

Puerto Rico is a US territory but it's lacking statehood and many federal laws do not apply to it, especially FATCA (and CRS), which is why it's so popular for money launderers to hide money there. Calling it a US bank is a bit like calling Bermuda Commercial Bank a British bank. Only with the loosest and most generous possible interpretation would it be true.

 

[csp dubai]

ok so if they launder money fincen will not tell anythig? i still think they are beter tan any cyprus bank, and i not understant fincen issue red notice for bank in uganda , but let puerto rica do what they want is a bit unlikely i think, any way there is no red notice from any official regulator , all rest from tv newspaper forum , so called expert is all thin air

 

[maybelater33]

Is Euro Pacific Bank still a bad choice if you just need a bank statement for KYC purposes?

Are there other and easier options for an offshore company?

 

[Martin Everson]

Is Euro Pacific Bank still a bad choice if you just need a bank statement for KYC purposes?

Yes it is a bad choice. The bank has no credibility as it services tax evaders and shell companies. Afghanistan International Bank has more credibility. I would not even show an EPB bank statement to my own mother.

 

[4br]

https://www.washingtonpost.com/busi...408670-f8a8-11ec-81db-ac07a394a86b_story.html

​

Puerto Rico suspends operations of bank amid global probe​

SAN JUAN, Puerto Rico — Authorities announced Thursday they have suspended the operations of Puerto Rico-based Euro Pacific International Bank, which officials previously said was under suspicion of facilitating money laundering and offshore tax evasion.

The bank was founded by Peter Schiff, a U.S. stock broker and financial analyst, and had 15,000 accounts by the end of 2019, according to online documents.
The investigation was launched by Puerto Rico’s Office of the Commissioner of Financial Institutions, which said the bank that obtained a license to operate in the U.S. territory in 2017 came under scrutiny following a lack of internal controls, a lack of compliance and a level of insolvency.

Commissioner Natalia Zequeira said that despite “numerous opportunities,” the bank “has not wanted to comply.”

The bank, located in the capital of San Juan, did not return a message asking for comment.
Jim Lee, chief of the International Revenue Service Criminal Investigation, said he could neither confirm nor deny whether Schiff was under investigation.
Zequeira declined to say how many clients the bank has and its total assets, saying that is confidential information. However, she said creditors would be paid in a certain order.
The bank was formed in the eastern Caribbean island of St. Vincent and the Grenadines in 2011, then later moved to Puerto Rico. In a 2020 presentation, the bank said 70% of its clients were corporations and small- and medium-size businesses. The other 30% was divided equally between individual investors and retail banking.

The bank does not provide loans or credit cards, but rather mutual funds and precious metals accounts, among other things.

Lee, with the IRS, said that the “Puerto Rico financial industry will not be a haven for tax evaders or illegal conduct.”
The announcement of the suspension came after the Joint Chiefs of Global Tax Enforcement launched an operation two years ago to scrutinize financial institutions in their member countries: the U.S., Canada, United Kingdom, Australia and the Netherlands.
Officials with the agency said their investigations into the Euro Pacific International Bank are independent from the one conducted by Puerto Rico’s government and are still underway. Overall, the organization said, it is overseeing some 100 civil and criminal investigations worldwide.
“Our message is that the game is up for offshore tax evaders and that any UK citizens involved with this bank should come and talk to us,” said Simon York, the United Kingdom’s chief in the international group.

 

[Sols]

It finally happened, @Martin Everson!

 

[SoNewToAllShit]

It finally happened, @Martin Everson!

I have a feeling that our all's martin has the power to predict the future.

@Martin Everson are you a medium or psychic ?

Maybe you don't exists in the real world but are only a "something" from the cyberspace 01010101

 

[Martin Everson]

I have a feeling that our all's martin has the power to predict the future.

@Martin Everson are you a medium or psychic ?

Maybe you don't exists in the real world but are only a "something" from the cyberspace 01010101

[Martin steps up for acceptance speech with tears in eyes]

Ladies and gentlemen I never thought this day would come since I warned of this since 2018. But knew in my heart it was an inevitable conclusion for a bank whose core business was banking tax evaders and shell companies. A bank that also refused to publish financials as I kept pointing out.

But wait Euro Pacific Bank also insolvent? I was right about that also I guess.

https://finbold.com/crypto-skeptic-peter-schiff-founded-bank-goes-insolvent-regulators-say/

---- quote start

U.S. economist and well-known cryptocurrency skeptic Peter Schiff has stated that he intends to fight to be allowed to sell Euro Pacific International Bank, which he formed in Puerto Rico.

Authorities have temporarily halted the bank’s activities as part of an ongoing investigation, with the bank’s capital supposedly negative $1.3 million by the end of the year 2020 and that, “as such, the entity is classified as insolvent,” according to a report by the Associated Press on July 1.

Per the order to cease and desist that was issued by the Joint Chief of Global Tax Enforcement, a multi-government agency targeting tax crimes and money laundering, the financial institution also reported a net loss of about $751,000 in 2019 and overall cumulative losses of nearly $4 million as well as a net loss of about $550,000 in the first three months of 2022.

The bank obtained a license to operate in the United States territory in 2017 and built up approximately 15,000 accounts in the two years that followed. However, its deposits later dropped to $150 million and it lost customers as a result.

---- quote end

RIP.

P.S Now where are all those customers having a go at me for bashing the bank since 2018?