Peter Schiff Slams J5 For Failed Enforcement Against His Bank
Economist Peter Schiff criticized the Joint Chiefs of Global Tax Enforcement (J5) on Wednesday, asserting that the J5’s only success is a failed action against his bank, Euro Pacific Bank.
Established in 2018 by tax enforcement leaders from Australia, Canada, the Netherlands, the U.K., and the U.S., J5 aimed to enhance collaboration against international tax crime and money laundering. Schiff emphasized that the coordinated global action against his bank in January 2020, intended to halt suspected offshore tax evasion, turned out to be a “total failure.”
In July last year, authorities suspended Euro Pacific Bank’s operations due to alleged “serious insolvency” issues, but a subsequent settlement disclosed that the bank had available cash. Schiff, highlighting the innocence of his bank, criticized J5 for putting a legitimate institution out of business and causing financial distress to law-abiding customers. He concluded that, apart from the unsuccessful investigation of his bank, J5 has not achieved any enforcement success in its over 5-year history.
Clever Robot News Desk 10th December 2023
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