Categories
Selected Articles Review

Puerto Rico Shuts Bank Tied to Tax Evasion, Money Laundering (1)

Advertisements | Advertising at The News And Times - advertising-newsandtimes.com | WE CONNECT!
Listen to this article
?url=http%3A%2F%2Fbloomberg-bna-brightsp

American, left, and Puerto Rican flags fly outside the Senate of Puerto Rico building in San Juan in 2015.

Photographer: Derick E. Hingle/Bloomberg via Getty Images

June 30, 2022, 7:00 PMUpdated: June 30, 2022, 9:14 PM

Puerto Rico-based Euro Pacific Bank will no longer operate on the island after a year-long investigation of the financial institution in a money laundering and tax evasion operation.

The island’s Office of the Commissioner of Financial Institutions, or OCIF, announced Thursday that it would revoke the license that allowed Euro Pacific Bank to operate as an international financial institution since 2017. It also said that the entity is financially insolvent and that it would appoint an emergency trustee. The bank must pay a $165,000 administrative fine.

US tax authorities and four other countries are investigating if the boutique firm offered …

Angélica Serrano-Román

Angélica Serrano-Román

Reporter

Hamza Ali

Hamza Ali

Senior Reporter International Tax

© 2022 The Bureau of National Affairs, Inc.

All Rights Reserved

Advertisements | Advertising at The News And Times - advertising-newsandtimes.com | WE CONNECT!
WP Radio
WP Radio
OFFLINE LIVE