Euro Pacific Bank - Peter Schiff Banked Known Criminals, Tax Probe Claims

[Martin Everson]

Well EPB has put out two official statement on their website and a presentation:

https://europacbank.com/support/warning-against-claims-20201019/https://europacbank.com/support/warning-against-claims-20201020/
https://files.europacbank.com/docs/EPB_FI_Presentation_2020.pdf
Damage control is in full effect on EPB side.

bt what has the bank done to ensure clients are not using the bank to hide from taxman? Do they ask clients to declare they are tax complaint in their resident country? That would move liability to client and away from bank if they did. Otherwise the bank is a nest for criminals (aka tax evaders).

 

[Martin Everson]

I understand people are laughing .. But some people like me, live in countries where I can't exchange the currency worldwide .. meaning I can't do business online, ever .. Unless I have a bank abroad or a company abroad etc ...

So EPB was one of the very few choices I have .. I actually bank there legally .. I pay taxes (very small) on anything I bring back ..

What country is this then?

 

[ih8socialism]

Funny, when I checked them out 2 years ago they declined my application because our business model was too risky (Software as a Service) lol

 

[Edge]

Well EPB has put out two official statement on their website and a presentation:

https://europacbank.com/support/warning-against-claims-20201019/https://europacbank.com/support/warning-against-claims-20201020/
https://files.europacbank.com/docs/EPB_FI_Presentation_2020.pdf
Damage control is in full effect on EPB side.

bt what has the bank done to ensure clients are not using the bank to hide from taxman? Do they ask clients to declare they are tax complaint in their resident country? That would move liability to client and away from bank if they did. Otherwise the bank is a nest for criminals (aka tax evaders).

Yeah I saw that, infact that's how I heard the good news today, woke up, opened up twitter for a laugh and saw Peter Schiff tweet ..

As for what they do, I have no idea .. For me personally they seem like they ask more questions than a normal bank .. Where is the money coming from, do you have receipts, why did you open a bank with us and not in your country stuff like that ... And you have to provide documents for every transaction, and about every party you conduct business with ...

I wasted so much time providing them documentation .. Never crossed my mind that the line "I'm russian I do cyber terror bro" would have been enough.

 

[Martin Everson]

I wasted so much time providing them documentation .. Never crossed my mind that the line "I'm russian I do cyber terror bro" would have been enough.

lol...maybe thats inner circle stuff.

But seriously they may ask lot of questions but are they asking the right questions. Have they ever asked you about your personal tax compliance - being they are a non-CRS bank and have a high risk of being used for tax evasion?

 

[Edge]

lol...maybe thats inner circle stuff.

But seriously they may ask lot of questions but are they asking the right questions. Have they ever asked you about your personal tax compliance - being they are a non-CRS bank and have a high risk of being used for tax evasion?

I'm sure I filled a document about tax compliance somewhere .. As I said they ask so many questions and ask for documents all the time .. Way more than a swiss bank for example.

My thinking is they actually do operate like they should with the majority of their clients, but if you are in a higher tier, they relax a bit, and that's what the regulators are going to find ... And I don't think that's specific to EPB to be honest .. It's not like the banking industry became transparent all of a sudden ..

Also it doesn't matter what they find or don't find, it's all about reputation, every correspondant bank and card issuer will be running for the hills ..

 

[Martin Everson]

Also it doesn't matter what they find or don't find, it's all about reputation, every correspondant bank and card issuer will be running for the hills ..

That's the bottom line unfortunately.

 

[Martin Everson]

Lol any bank shouldn't be liable because their customers don't pay taxes in their home countries....
That's their customer's problem not them....

I remember UBS said this and every other swiss bank said the same when the US government came after them. It didn't work out well for any of them. They all got fined or settled with the DOJ see below link...lol.

https://www.justice.gov/tax/swiss-bank-program
Basically Peter will be bankrupt financially if he tried to fight a cross-border legal case. A few Swiss banks disappeared because of this mistake. If EPB's clients are tax compliant he has nothing to worry about. If they are not then he better close the bank and call it a day quickly.

 

[Edge]

the weird stuff here is that russians are not allowed to have an account at the bank lol

US citizens neither, but the US is part of this joint investigation ..
It doesn't matter where you are from as long as you can make some kind of workaround which is apparently what EPB doesn't investigate as much if you trust the article / allegations

 

[Edge]

Yes of course I know what happened to UBS lol...

We all know that americans acts like a bully in the playground...

They have a good business in Puerto Rico, because if they settle Puerto Rico as a solid offshore jurisdiction; basically they won't need to print a lot of money to give at them (hurricanes and earthquakes are a pain in the a*s there and they have to give them a lot of $$ mainly because of that) as well as receiving some money from other countries like the brits use to do with their colonies

In my opinion if the US starts fucking the offshore banking industry of Puerto Rico is like shooting themselves in the foot and paying a doctor to take care of them lol

Honestly, that's one of the reasons I thought EPB can stay for a while longer .. I said this in the forum before, Puerto rico for the rest of the world is like Switzerland for US citizens back in the day ... So I always thought there will be some kind of protection under the table ...
And you can see whenever EPB has a problem they run for new york (their correspondant bank) and after the perth minth scandal they went to brinks in new york ...

 

[Martin Everson]

Still wondering if US citizens are not allowed why IRS came to his business. Or perhaps that was not the bank specifically the reporter was referring too . Peter obviously knows a lot he has not revealed to clients about whats going on with the bank.

https://twitter.com/x/status/1317769169543131136

 

[Edge]

Still wondering if US citizens are not allowed why IRS came to his business. Or perhaps that was not the bank specifically the reporter was referring too . Peter obviously knows a lot he has not revealed to clients about whats going on with the bank.

https://twitter.com/x/status/1317769169543131136

Yeah ... It's a simple connection, he has a lot of US clients from Schiff Gold and Euro Pacific Capital, wealthy clients. If your lawyer makes you a compnay somewhere that owns another company and some stuff in between, maybe you can bank with me at EPB and protect your wealth even more.

The golden rule in banking is to never allow US citizens to evade paying their taxes .. anything else goes (until they find you are helping us citizens evade taxes then "anything else" becomes bad all of a sudden)

 

[Martin Everson]

I don't think Peter Schiff has helped himself by taking an anti tax and Fed bashing stance while moving to Puerto Rico to avoid some taxes. Then operating an offshore bank to help others evade taxes. Not a very smart move by him.

Looking forward to his video reply to accusations.

 

[Edge]

I don't think Peter Schiff has helped himself by taking an anti tax and Fed bashing stance while moving to Puerto Rico to avoid some taxes. Then operating an offshore bank to help others evade taxes. Not a very smart move by him.

Looking forward to his video reply to accusations.

I don't think that's the case either but will see ..
This looks like an Australian effort mainly .. Maybe even linked to perth mint ? I mean who the hell knows what's going on honestly ..

 

[Martin Everson]

Well let see how things unfold. Your right lets wait for other side of story. But in mean time I would get my money out. Any collapse will look like Choice Bank thread....lol.

 

[LivingFree]

That Schiff is an interesting guy. Met him at FreedFest last year.

 

[Martin Everson]

That Schiff is an interesting guy. Met him at FreedFest last year.

Do explain more what you mean by interesting.

 

[LivingFree]

Do explain more what you mean by interesting.

I was being somewhat sarcastic. I was asking him about the bank he runs and all he wanted to do was sell his fathers' book.

 

[VESTANON]

Funny, when I checked them out 2 years ago they declined my application because our business model was too risky (Software as a Service) lol

Hahahaha is wasnt risky enough for them, compared to russian Cyber Criminals...

 

[rey skywalker]

honestly i feel this will end bad for depositors, feds will take over, and puerto rico will confiscate all the funds