July 4, 2022 | By Colin O. Jarrett |
Authorities announced on Thursday they have suspended 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.
ACP news reports that the investigation was launched by Puerto Rico’s Office of the Commissioner of Financial Institutions, which said the bank obtained a license to operate in the US territory in 2017.
It came under scrutiny following a lack of internal controls, a lack of compliance and a level of insolvency.
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