Peter Schiff, founder of Schiff Gold LLC, claimed that his bank was illegally closed by the IRS for refusing to accept crypto-related accounts. Puerto Rico-based Euro Pacific International Bank was closed in 2022 following the Operation Atlantis investigation.
Euro Pacific Bank Closure and Operation Atlantis Investigation
According to a 2020 New York Times article, a team of investigators, including Australian 60 Minutes, The Age, and The New York Times, looked into claims that the bank violated tax and anti-money laundering laws. Authorities alleged that several accounts were potentially used for illegal money movements.
Schiff’s Lawsuit Against the IRS
On July 30, 2024, Peter Schiff filed a lawsuit against the IRS, claiming the agency withheld information related to the Euro Pacific Bank's closure. Schiff noted the IRS admitted 'overlooking' 100 pages of documents in an earlier 335-page release. He also asserts the press conference and action were coordinated with the IRS.
Internal Communications Spell More Confusion
The FOIA release included internal emails, including a congratulatory message from an IRS special agent to colleagues. This contradicts the IRS's official stance that the agency had no direct role in the bank’s closure. Schiff has also requested transcripts of J5 press conferences but has yet to receive them.
The situation surrounding the bank's closure continues to unfold, with Schiff's new claims against the IRS adding complexity to the ongoing legal and financial discourse.
