Peter Schiff's Euro Pacific Bank under investigation by multiple countries
Gold proponent Peter Schiff's bank, called Euro Pacific Bank is being investigated by a coalition of nations. Canada, the United Kingdom, the United States, Australia, and the Netherlands are looking into Euro Pacific Bank in an operation dubbed “Atlantis”. The bank has allegedly been doing business with known criminals, and may be helping its clients evade taxes. Euro Pacific Bank is based in Puerto Rico, which isn't technically a US state. As Puerto Rico is a US territory, Euro Pacific Bank has access to the US financial system, but isn't held to the same standards that a bank in a US state would be. The investigation is ongoing.
Why it matters: There appears to be an uptick in tax-related investigation happening globally. Governments may be worried about capital flight, as there are few economic incentives to continue to deal with nations that have broken economies, as well as poor leadership. John McAfee was recently apprehended in Spain on the request of US authorities in connection with McAfee's actions to promote ICOs over the past few years. As the global economy continues to deteriorate, we are likely to see money rushing out of established financial centers, where it may suffer from inflation, or government interference via capital controls. Cryptos like Bitcoin are largely immune from these risks, which make them a potential investment for anyone who need to exit the fiat financial system.
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