J5 Joint Chiefs Of Global Tax Enforcement In Action

The Joint Chiefs of Global Tax Enforcement (J5) commended a decision announced by Puerto Rico’s financial institution regulator. The move to suspend the operations of a financial institution in Puerto Rico follows a global effort launched by J5 two years ago.

The Office of the Commissioner of Financial Institutions (OCIF) of Puerto Rico issued a Cease and Desist order and suspended the operations of Euro Pacific International Bank. The action was commended by the J5, who had, two years prior, conducted a global day-of-action to put a stop to the suspected facilitation of offshore tax evasion and money laundering by the bank.

Known as Operation Atlantis, the 2020 day-of-action was the first major operational activity for the J5. During the day of action, each country independently executed enforcement actions consistent with the legal requirements in their countries. These actions included intelligence and information gathering, search warrants, interviews, production orders and subpoenas.

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