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Euro Pacific bank is a scam
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The J5 tax authorities (HMRC, IRS, Aussie equivalent etc) have data on account holders information. They are now pursuing these individuals for unpaid/undeclared tax (I'm one of them). The authorities have not disclosed what information they have and are sending letters out to account holders asking for them to declare their involvement with EPB and produce statements etc. This makes it a tricky situation as if like me you held an account many years ago you won't have the info to show or prove if you do or don't owe tax.
No, I can't sue. I was advised to give up the right to sue to get︅ a quick settlement, and have the clients made whole before their money was spent in︆ receivership. So I didn't even get what I bargained for. Plus, its hard to sue︇ governments in government courts. The entire system is corrupt. I just wanted to move on.︈ I'm out of banking for good, and want nothing to do with the Puerto Rican︉ government. I don't even contribute to charities here anymore. I also no longer encourage people︊ to move here. When I first came here I really wanted to help Puerto Rico's︋ succeed. I don't care about that anymore.
They have lots of information on transactions, as the︍ bank complied with a grand jury subpoena. The leak I'm referring to is the IRS︎ or ATO leaking the existence of that secret investigation to the 60 Minutes/Age reporters.
The authorities found no evidence that the bank helped any customers evade taxes. So they have no reason to believe any customers did. I believe︀ these investigations were started just to salvage J5 credibility, and to make me and the︁ bank look bad. Customers of EPB are no more likely to have evaded taxes than︂ customers of any bank. In fact, due to how rigorous our compliance was, they are︃ probably less likely. So these investigations will turn out to be a waste of time︄ and taxpayer money. But Nine Entertainment is using these investigations as evidence that the bank︅ did something wrong, and that I was personally responsible. So far the judge is not︆ buying it.
They have lots of information on transactions, as the︍ bank complied with a grand jury subpoena. The leak I'm referring to is the IRS︎ or ATO leaking the existence of that secret investigation to the 60 Minutes/Age reporters.
The authorities found no evidence that the bank helped any customers evade taxes. So they have no reason to believe any customers did. I believe︀ these investigations were started just to salvage J5 credibility, and to make me and the︁ bank look bad. Customers of EPB are no more likely to have evaded taxes than︂ customers of any bank. In fact, due to how rigorous our compliance was, they are︃ probably less likely. So these investigations will turn out to be a waste of time︄ and taxpayer money. But Nine Entertainment is using these investigations as evidence that the bank︅ did something wrong, and that I was personally responsible. So far the judge is not︆ buying it.
Hi Peter,
Can you elaborate on what information the authorities have. Do︌ they have all account holder details including balances, transactions and full statements? If so what︍ years do they have? All account history dating back to what year?
Was this information given to the authorities by the bank or was it a hack?
Can you elaborate on what information the authorities have. Do︌ they have all account holder details including balances, transactions and full statements? If so what︍ years do they have? All account history dating back to what year?
Was this information given to the authorities by the bank or was it a hack?
In 2015 the bank was based in St. Vincent, so maybe HMRC doesn't have information going back that far.
Maybe you should wait for them to tell you what they have.
I wonder if the J5 has investigated other banks in Puerto Rico, or if they only targeted EuroPacific Bank.
Maybe you should wait for them to tell you what they have.
I wonder if the J5 has investigated other banks in Puerto Rico, or if they only targeted EuroPacific Bank.
From HMRC:
"I have evidence to suggest you hold at least one account with Euro Pacific International Bank (EPIB). I have reason to believe that large sums of money have passed through your account(s) with this bank, dating back to at least 06 March 2015. My evidence suggests that you︀ have made use of a prepaid card linked to an EPIB account, as well as︁ directly depositing and withdrawing funds from at least one EPIB account."
Maybe they have the︂ info, maybe they are just fishing. Who knows?
"I have evidence to suggest you hold at least one account with Euro Pacific International Bank (EPIB). I have reason to believe that large sums of money have passed through your account(s) with this bank, dating back to at least 06 March 2015. My evidence suggests that you︀ have made use of a prepaid card linked to an EPIB account, as well as︁ directly depositing and withdrawing funds from at least one EPIB account."
Maybe they have the︂ info, maybe they are just fishing. Who knows?
If they have something they will tell you, if they don't have︀ anything significant they will fish around.
Wait for them to tell you, it's up to︁ them to prove that you have done something wrong, and you may or may not︂ owe taxes. Best of luck
Wait for them to tell you, it's up to︁ them to prove that you have done something wrong, and you may or may not︂ owe taxes. Best of luck
Interesting that HMRC quite specific in your case with dates. In the letter sent to me, just looks like a standard template letter (fishing letter)
My account was purely used for physical GLD investment. I never used it for daily, weekly, monthly transactions (other than account fees debited), my funds origonated from a legal dispute settlement payment. So I replied by post to HMRC with signed for letter September 2022, sent all details for my account and 5 years worth of︀ statements as EPB changed the banking software around 2017/2018, I cant access anything beyond that.︁ I have never recieved a reply, not even a follow-up letter or acknowledgment. When and︂ if our money ever gets returned, based on discussion with financial advisor no CGT would︃ be owed at this stage. Im curious whether HMRC take into account the tax free︄ allowance on CGT at point the assett was liquidated in 2022, or the new CGT︅ tax rules with reduced allowance compliments of Jeremy *unt for 2023? Or perhaps HMRC should︆ go investigate Sunaks billionare hieress wife for tax evasion...
My account was purely used for physical GLD investment. I never used it for daily, weekly, monthly transactions (other than account fees debited), my funds origonated from a legal dispute settlement payment. So I replied by post to HMRC with signed for letter September 2022, sent all details for my account and 5 years worth of︀ statements as EPB changed the banking software around 2017/2018, I cant access anything beyond that.︁ I have never recieved a reply, not even a follow-up letter or acknowledgment. When and︂ if our money ever gets returned, based on discussion with financial advisor no CGT would︃ be owed at this stage. Im curious whether HMRC take into account the tax free︄ allowance on CGT at point the assett was liquidated in 2022, or the new CGT︅ tax rules with reduced allowance compliments of Jeremy *unt for 2023? Or perhaps HMRC should︆ go investigate Sunaks billionare hieress wife for tax evasion...
Can I ask how you know that for sure Marketint? As even the detail on my letter isn't fully accurate.
Yes, yours looks very 'boiler plate'. Mine is a second communication where HMRC first said "We︈ have reason to believe you have received foreign income". The details aren't quite correct, although,︉ close enough to say they have significant info, some of which I didn't declare as︊ it was almost 5 years ago and I was young/dumb. I'm hoping a lawyer will︋ help me avoid prosecution and reach a settlement with HMRC (It's going to be expensive︌ that is for certain).
So much for "Privacy assured". One has to guess senior bank︍ management gave over the banks client info in exchange for immunity.
Yes, yours looks very 'boiler plate'. Mine is a second communication where HMRC first said "We︈ have reason to believe you have received foreign income". The details aren't quite correct, although,︉ close enough to say they have significant info, some of which I didn't declare as︊ it was almost 5 years ago and I was young/dumb. I'm hoping a lawyer will︋ help me avoid prosecution and reach a settlement with HMRC (It's going to be expensive︌ that is for certain).
So much for "Privacy assured". One has to guess senior bank︍ management gave over the banks client info in exchange for immunity.
Thank you for the swift reply Marketint. Firstly I should ask if you are ok? Did you have anything to worry about?
I think the Dutch and Aussies were the first receivers of the info. Are you from one of those nations? Have you settled with your tax authority or is it still ongoing? Did they pursue you civilly or criminally?
I think the Dutch and Aussies were the first receivers of the info. Are you from one of those nations? Have you settled with your tax authority or is it still ongoing? Did they pursue you civilly or criminally?
I started using EPB account to collect emergency funds like a vault long time ago. It was a fraction of my salary as airline captain to be spent in a case of job loss like happened during covid 19. I paid the taxes everywhere I needed to pay. I realized that EPB anonymity and no CRS was an effective way to collect money and take advantage into not to pay taxes but I didn’t. And because never say never I kept the all amount of money collected below the potential level that would cause penal problems for tax evasion in my country, just as a︀ safety measure. But not necessary. Now I’m very upset like you all not to have︁ my money back immediately. It’s very unfair.
Yes I am from one of those. My case is closed. I decided to bring it for the civilly court and have to wait now. I just followed advice from advisors that I pay for. It’s now still civilly︀ but I already got a message that they will bring it to criminal court to.︁
They got a list of all debit card holders. With that list they sent a︂ information request to st Vincent to receive a copy of all your files. (I know︃ the bank was already moved before that date but they have all the files). And︄ also they sent a information request to the correspondent bank in uk but I don’t︅ know exactly what they asked from them.
They got a list of all debit card holders. With that list they sent a︂ information request to st Vincent to receive a copy of all your files. (I know︃ the bank was already moved before that date but they have all the files). And︄ also they sent a information request to the correspondent bank in uk but I don’t︅ know exactly what they asked from them.
I'm sorry to hear you still have criminal worries︂ Marketint. I hope the courts in your country show leniency or better yet the authorities︃ choose not to prosecute. I am meeting with a lawyer on Thursday to review my︄ options and currently it looks like I can make the necessary disclosures to avoid prosecution︅ and keep it to a civil settlement. It'll be expensive but avoiding jail seems more︆ important right now.
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