The uncompromising Bitcoin critic Peter Schiff has become the subject of the largest investigations by tax authorities in Australia, the United States, the United Kingdom, the Netherlands and Canada. Investigators believe that the Euro Pacific Bank he runs provided banking services to criminal syndicates and tax evaders, The Age.
The Puerto Rico-based bank offers its clients enhanced confidentiality and low tax rates in the jurisdiction.
Thanks to Schiff’s profile, Euro Pacific Bank forged partnerships with one of Australia’s leading banks, Westpac; the Perth Mint; the Federal Reserve Bank in New York; and the Canadian Bank of Montreal.
According to documents, the bank founded by Schiff took inadequate steps to perform due diligence on its clients, many of whom were breaking the law.
Among them was Simon Anquetil, jailed by Australian authorities for five years for organizing a tax-fraud scheme worth $105 million. Among the bank’s clients was the FBI-designated most dangerous Russian cybercrime group.
Journalists found that Schiff’s father spent his final days in prison for tax evasion, after having been an active participant in the tax resistance movement.
In an interview on an Australian TV show, the well-known Bitcoin critic resolutely and emotionally rejected the allegations attributed to him and doubted whether authorities would be able to find evidence.
Schiff said that he does not participate in the bank’s day-to-day operations.
“The bank does not participate in illegal activity and rejects far more applications to open accounts than it approves,” he added.
Peter Schiff is adamant authorities won’t find anything to implicate the bank. After refusing to answer any more questions from reporter Nick McKenzie, he left the final word to his wife. #60Mins pic.twitter.com/Cz2GP8awsc
— 60 Minutes Australia (@60Mins) October 18, 2020
Schiff threatened to sue The Age and abruptly cut the interview after reporters continued to press him on the activities of Euro Pacific Bank.
According to reporters, tax inspectors visited Schiff on January 24. Investigators are examining the activities of lawyers, accountants and financial institutions linking taxpayers to Schiff’s bank.
Earlier ForkLog reported on the disclosure of schemes to launder $2 trillion for oligarchs and criminals through the largest banks.
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