Allegations Against Euro Pacific Bank Closure

Peter Schiff, founder of Schiff Gold LLC, alleges that three entities illegally pressured for the closure of his bank after rejecting crypto accounts. The Puerto Rico-based Euro Pacific International Bank (EPB) was shut down in 2022 following recommendations from an investigation called “Operation Atlantis.”

Schiff voiced these claims on March 19 via social media, asserting: “Before corrupt IRS agents, the N.Y. Times, and 60 Minutes illegally conspired to destroy my bank, we refused to accept crypto-related accounts. Not because we didn’t want the business, but because regulators considered the industry a high risk for money laundering & tax evasion.”

Euro Pacific Bank Closure and Operation Atlantis Investigation

A New York Times article from 2020 revealed that a group of investigators, including Australian 60 Minutes, The Age, and The New York Times, scrutinized allegations of tax and anti-money laundering law violations by the bank. Authorities contended that specific account holders may have exploited Euro Pacific Bank for illicit money movement.

On June 30, 2022, the IRS confirmed that the Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico had enacted a cease-and-desist order against Euro Pacific Bank, halting its operations.

Despite this, official records indicated that the bank’s closure resulted from insufficient capital, with no criminal charges filed against Schiff or the institution. Schiff claimed he urged the agency to allow him to sell the bank and identified a potential buyer, but the OCIF moved ahead with the closure.

Denouncing any wrongdoing, Schiff attempted to sue 60 Minutes and its parent company, Nine Entertainment, for slander. In late 2023, Nine Entertainment settled the case for over $360,000 after an Australian judge found the show had defamed Schiff; however, another Nine publication, The Age, was not ruled to have committed defamation. Schiff criticized the settlement amount as inadequate for the harm caused.

Schiff’s Lawsuit Against the IRS

On July 30, 2024, Schiff filed a lawsuit in the District Court of the District of Columbia, alleging that the IRS was withholding information pertinent to Euro Pacific Bank’s closure. The lawsuit claims the IRS did not comply with his Freedom of Information Act (FOIA) request and sought an extension to postpone the information’s release, which Schiff denied.

On social media, Schiff disclosed receiving further documents from his FOIA request on March 1, revealing details of the IRS’s involvement in the investigation. He claimed the IRS acknowledged that 100 pages from an earlier 335-page release were “overlooked.”

> “Here’s the last 100 pages the IRS produced pursuant to my FOIA request. They confirm my bank was shut down as it was critically import to Australia, likely because 60 Minutes needed it to defend against my defamation lawsuit, which they lost anyway.”
> — Peter Schiff (@PeterSchiff) March 1, 2025

One document included an email from IRS Criminal Investigation agent Gary A. Sharply to OCIF Commissioner Natalia Zequeira, implying that she had met with an IRS case agent three months before the closure announcement. Schiff stated: “That’s more evidence that the press conference and the action announced was negotiated by the IRS.”

Internal Communications Create More Uncertainty

The FOIA documents also featured an internal IRS email celebrating the bank’s closure. Page 69 contained a message from IRS Special Agent Mathew D. Line expressing excitement over the outcome, contradicting IRS Chief Jim Lee’s statement that the agency played no direct role in the closure.

Additionally, the J5, a coalition of tax authorities from the US, UK, Australia, Canada, and the Netherlands, held two press conferences on June 30, 2022, discussing the bank’s suspension. Schiff requested written or audio transcripts of these events but has yet to receive anything.

“Why congratulate the IRS CI or J5 on that? No criminal charges were filed, and the J5 investigation came up empty. Clearly, Agent Line was not aware of those facts and was likely misled into believing the bank was guilty,” Schiff reasoned.