Puerto Rico accuses bank of money laundering, tax evasion

SAN JUAN, Puerto Rico (AP) — Authorities on Thursday said they have suspended the operations of Puerto Rico-based Euro Pacific International Bank after accusing it of money laundering and offshore tax evasion.

The investigation was launched by Puerto Rico’s Office of the Commissioner of Financial Institutions.

The bank, located in the capital of San Juan, did not return a message for comment.

The announcement comes after the Joint Chiefs of Global Tax Enforcement launched an operation two years ago to scrutinize financial institutions in their member countries: the U.S., Canada, U.K., Australia and the Netherlands.

Officials with the agency, known as the J5, said their investigations into the Euro Pacific International Bank are independent from the one conducted by Puerto Rico’s government and are still ongoing.

Jim Lee, chief of the International Revenue Service Criminal Investigation, said that the “Puerto Rico financial industry will not be a haven for tax evaders or illegal conduct.”