UK CUSTOMERS OF A COLLAPSED PUERTO RICAN BANK LINKED TO TAX EVASION AND MONEY LAUNDERING ARE BEING GIVEN A CHANCE TO CHECK AND CORRECT THEIR TAX AFFAIRS

On 7 September, a news release from HMRC announced that it is currently writing to around 600 people in the UK who used the Euro Pacific Bank (EPB) urging them to check their tax position and make any corrections to their tax affairs.  The Puerto Rico Office of the Commissioner of Financial Institutions (OCIF) suspended the operations of the EPB on 30 June for breaching its capital requirements, and it has since entered a liquidation process.  Hundreds of civil and criminal investigations involving EPB have already been launched across the J5 jurisdictions of the UK, Canada, Australia, Netherlands and the US.

https://www.mynewsdesk.com/uk/hm-revenue-customs-hmrc/pressreleases/hmrc-probes-suspected-tax-evasion-bank-customers-3202620

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017