HMRC has contacted Puerto Rico authorities, as it commences its hunt for the various UK residents who have used the Euro Pacific Bank in order to not pay UK taxes.
The Puerto Rican heads have blocked the functioning of the Euro Pacific Bank. This is because of the financial institution's non-commitment to the minimal requirements for capital according to the rules in Puerto Rico.
Euro Pacific Bank had helped certain taxpayers to use a highly confidential system in order to transfer their funds from the UK to Puerto Rico, so that they would not be fit to pay the due tax that they should, in the UK, whilst also escaping the penalty for tax evasion.
If anybody from the UK is associated with Euro Pacific Bank and they are performing acts of tax evasion, then HMRC is insisting that they admit it in front of the WDF.
Two years back, HMRC helped the J5, with money laundering investigations. This action follows their goal for the elimination of tax crime.