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Peter Schiff targeted by Tax authorities means that his bank is under investigation from major western governments and tax authorities for providing services to criminals and helping them evade taxes. In our latest cryptocurrency news, we read more about it.

Schiff denied the allegations of course but tax probe involving authorities from the US, UK, Canada, and the Netherlands alleged that Euro Pacific Bank, run by Peter Schiff provided banking services to organized criminals and tax evaders, as the Australian newspaper and the New York Times found. Euro Pacific Bank that is based in Puerto Rico described itself as a “means for American investors to gain exposure to those areas of the global economy that have largely avoided the crushing debt burden that has swamped many developed economies.”

Tax offices from five nations launched the probe named Operation Atlantis where Peter Schiff targeted bank got in the center of it. The Dutch authorities gained access to the customers’ details in a leak and the list showed that Euro Capital banked lots of known criminals among whom was Simon Anquetil where he was imprisoned for five years in Australia for masterminding $105 million tax fraud scheme Plutus Payroll.

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The reports also showed that Euro Pacific made little attempts to scrutinize the customers as many of them had shady pasts. On the list was a Russian crime syndicate the FBI called the worst cybercrime group in the world. Schiff denied the allegations in an interview and said that the bank is not involved in any illegal activity nor that he is involved in the daily operations of the bank. He continued to say that the bank turns down far more accounts than the ones approved because the compliance is rigorous. He ripped off his microphone in the middle of the interview on the Australian TV show 60 minutes.

He said that Operation Atlantis has nothing to do with the real situation. The IRS visited him on January 24 and the probe is still ongoing. With the huge customer list, it will take a long time for the authorities to get to the bottom of it all.

Peter Schiff admitted he was wrong about Bitcoin but the gold bug still believes BTC’s drop to $10K predicts a bear market ahead. He now believes that there’s some flaw in his predictions after acknowledging the coin didn’t collapse when the gold increased to a new all-time high last month. In a Twitter conversation with Tyler Winklevoss, Schiff discussed with the Gemini co-founder regarding Bitcoin’s rise to a yearly high of more than $12,000 and its dip under $10,000 over the past week. While Winklevoss predicted that the digital assets’ baseline for the future dips will be set at $10,000, Schiff is still bearish starting that Bitcoin will be consolidating before the crash.

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