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Puerto Rico suspends operations of bank amid global probe

By DÁNICA COTO
Associated Press

SAN JUAN, Puerto Rico (AP) — Authorities have announced a suspension of the operations of Puerto Rico-based Euro Pacific International Bank, which officials previously said was under suspicion of facilitating money laundering and offshore tax evasion. The investigation was launched by Puerto Rico’s Office of the Commissioner of Financial Institutions. The agency said Thursday the bank that obtrained a license in 2017 to operate in the U.S. territory came under scrutiny following a lack of internal controls, a lack of compliance and a level of insolvency. The bank did not return a message asking for comment. Separately, the Joint Chiefs of Global Tax Enforcement representing the U.S., Canada, United Kingdom, Australia and the Netherlands says it also is scrutinizing Euro Pacific International Bank.

Article Topic Follows: AP National News

Associated Press

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