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Puerto Rico

Stark warning for EPB account holders


Any UK resident who holds, or has held, an account in Euro Pacific International Bank (EPB), based in Puerto Rico, should urgently seek tax investigation advice.

29th Jul 2022
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HMRC has announced on LinkedIn that it is investigating UK taxpayers, who have connections with Euro Pacific International Bank (EPB), for suspected tax evasion and money laundering.

This is a highly unusual announcement from HMRC. It follows the Puerto Rico Commissioner of Financial Institutions (OCIF) closing down the operations of EPB on 30 June 2022 with a cease and desist order, due to the bank’s failure to comply with minimum capital requirements and other violations of regulations administered by OCIF.

In 2020 the J5 group had a joint day of action known as Operation Atlantis, which sought to put a stop to suspected facilitation of offshore tax evasion and money laundering by EPB, by executing enforcement actions in its member countries. The J5 was set up in 2018 to combat international crime and money laundering, and includes representatives of tax authorities from the UK, USA, Canada, Australia and the Netherlands.

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Replies (2)

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By Paul Crowley
30th Jul 2022 00:41

' includes representatives of tax authorities from the UK, USA, Canada, Australia and the Netherlands.'
We seem to be missing NZ
Not the tax avoider the country, New Zealand
CANZUK should operate jointly

Chances are none of my clients involved so I am happy if the criminal route is undertaken

Thanks (0)
Replying to Paul Crowley:
By Hugo Fair
30th Jul 2022 16:30

The Joint Chiefs of Global Tax Enforcement (J5) is a global joint operational group, formed in mid-2018 to combat transnational tax crime.
The J5 is comprised of tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the United States.
These authorities work together to gather information, share intelligence, conduct operations and build the capacity of tax crime enforcement officials.

The J5 comprises the:
* Australian Criminal Intelligence Commission (ACIC) and Australian Taxation Office (ATO)
* Canada Revenue Agency (CRA)
* Fiscale Inlichtingen- en Opsporingsdienst (FIOD)
* HM Revenue & Customs (HMRC), and
* Internal Revenue Service Criminal Investigation (IRS-CI)

Thanks (2)