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Danica Coto
San Juan, Puerto Rico (AP) — US financial analyst Peter Schiff to associate press on Friday, authorities shut down as part of an investigation Despite this, he founded a bank in Puerto Rico.
EuroPacific International Bank obtained a license to do business in the U.S. territory in 2017 and opened about 15,000 accounts two years later, with a deposit of $ 150 million. Decreased and lost customers after Joint Global Tax Chief. Enforcement — several government groups fighting tax crime and money laundering — said they acted two years ago “to prevent offshore tax avoidance by banks and suspicious promotion of money laundering”.
"We lost a lot because people were afraid," Schiff said.
He doesn't like money laundering prevention rules, regulations, and taxes, but adds that he adheres to them.
"You should believe that the fact that I am willing to criticize the rules publicly does everything I can't break the rules," he says. rice field.
A so-called J5 agency with members from the United States, United Kingdom, Canada, Australia and the Netherlands said Thursday that a bank investigation was still underway, although details were not disclosed.
Schiff said it was a lie that the bank had never been investigated. He said an agent from the Domestic Revenue Agency was visiting the bank in 2020 to investigate the bank's customers.
"Our compliance is very strict and we close our accounts very quickly," he said, never taking clients related to cryptocurrencies, cannabis, or other disciplines. I added that I didn't go. "I did everything in that book, and it cost me a lot of money."
A J5 spokeswoman returned a comment message on Friday. did not.
Mr. Schiff also announced the move on Thursday, saying that the bank was suspended by the office of the Financial Institutions Commission in Puerto Rico, which accused the bank of lack of internal control and compliance. Level of blame for saying angry. Authorities refused to provide details, except that it was separate from the J5 probe.
"It's a big shock for them to do this," Schiff said of the bank's shutdown.
Mr. Schiff was unaware of the bank's lack of capital until it was audited, but emphasized that it was not a matter of solvency, but a matter of regulatory minimum capital requirements. .. He said banks always had a positive net value and there was a shortage based on deposits, but the commissioner told him not to worry as buyers appeared.
Schiff said a Houston-based bank wants to buy EuroPacific International Bank, and he submitted an application to start the process in January.
"They were trying to rename it and change the brand, so it's no longer stigmatized," he said.
The Secretariat of the Financial Institutions Commission in Puerto Rico did not return a message asking for comment.
Mr. Schiff said he would invest $ 7 million in his own money to maintain the bank and all customers would be able to regain 100% of the money.
"Currently, no customer is at risk," he said.
