Euro Pacific Bank dataleak?

[Davidbtx]

I read the dutch tax authorities have obtained a list of hunderds of people from The Netherlands who they suspect have an account at Euro Pacific Bank.
This is news from April but I have not read any updates so far about this or read what could possible be the source of this information.
Would be interested to know if someone knows more about this.
Maybe their debit card provider shared info? Dataleak?

sources:
FIOD start onderzoek naar Nederlanders met verborgen vermogen in het Caraïbisch gebied - FIOD Nieuws - Belastingdienst
Actueel

 

[negon]

It will take time for them to process this list! Most often it may also not be worth to write about in the Media if there isn't a big fish there!

 

[Davidbtx]

Yes I figured the authorities would not give any information unless they have a big fish to show. Just wondering what could be the source since it only mentions customers from the netherlands.

 

[Samuel Newman]

BANKING AS IT WAS MEANT TO BE

©EURO PACIFIC BANK

 

[KJK]

Maybe their debit card provider shared info? Dataleak?

Out of all countries, why did the Netherlands get some information or echo? What about other countries?
I thought the only country having power over such jurisdictions is USA (and that is why these banks don't take American clients)...

 

[Martin Everson]

I can only speculate that they have managed to reverse lookup the debit cards that are tied to EPB (via request to card provider) to find the identity of account holders at EPB . Is this why EPB switched card providers I read somewhere? Have they got a legal case and not informed clients yet? I say this about reverse card lookup to find accounts as the Dutch have already done this with Amex cards as per link below.

Court Authorizes Service of John Doe Summons Seeking Information About Dutch Residents Using American Express Cards Linked to Non-Dutch Bank Accounts

I had a conversation in another thread with a common sense challenged individual that thought using a card outside his home country won't allow him to be traced . Hopefully he reads this thread.

Right now I guess the authorities can see where the money went and everything you spent money on and confiscate it also . Go through amnesty NOW if you hold an account with EPB before life gets much worse. For those outside the Netherlands remember all these countries share data and intel. It is game over I speculate...don't be last to pull your money out from EPB before the bank officially declares a legal case and freezes all outgoing payments and asks you to prove the account is declared to tax authority. You can barely get your money out of EPB on a good day....good luck anyway after this.

FYI For Non-dutch Google translation below.
-----------------------

FIOD INVESTIGATES 'OFFSHORE' SAVERS EURO PACIFIC BANK IN CARIBBEAN
UPDATE 24 April 2018

The FIOD started an investigation into black savers at this bank in the Caribbean, the islands of Saint Vincent and Puerto Rico. In his own words , the FIOD has 'hundreds of names of Dutch and Dutch legal persons' with hidden assets. What is the source of the list of account holders that the FIOD has acquired is still unclear. The FIOD has visited several people, where savers are initially considered as witnesses. But that status as a witness can just change into a suspect if the information given gives rise to this. With this research the FIOD tries to map out as many people as possible and to gather information about the relevant black savers. This also expressly informs about any debit and credit cards that are linked to the accounts. It is unclear what this information is based on and who is already in the picture as a suspect. Black savers who have not yet received a message can still volunteer . For declarations made up to 1 January 2018, the criminal indemnity can still be invoked .

 

[cptproto]

Now I'm happy that they've closed my account last year lol.

 

[Martin Everson]

Now I'm happy that they've closed my account last year lol.

lol

Just wait until correspondence banks and card providers terminate their relationships with the bank over this. It is Loyal Bank, Choice Bank, FBME bank all over again. With a client base of 99% undeclared offshore accounts the bank is a major risk. People will never learn to run and ask questions later when you see danger . They will stand around watching to see if the Tsunami they see coming is going to hit the beach they are standing on .

Who will be first to start a "Euro Pacific Bank loses correspondence banking" thread?

 

[Milky Moon]

lol

Just wait until correspondence banks and card providers terminate their relationships with the bank over this. It is Loyal Bank, Choice Bank, FBME bank all over again. With a client base of 99% undeclared offshore accounts the bank is a major risk. People will never learn to run and ask questions later when you see danger . They will stand around watching to see if the Tsunami they see coming is going to hit the beach they are standing on .

Who will be first to start a "Euro Pacific Bank loses correspondence banking" thread?

The sad thing will be that the 'victims' will be mostly relatively poor 'common sense challenged individuals'. If you have real money you will be able to plan and use real solutions, if you only have pocket change you will be a prospective EBP client.

You can minimise on taxes, legally, but is costs real money. So for most ppl paying the tax is just part of the costs of doing business (and cheaper that the 'pro' solution. There are scenarios where you can 'win' but you need to plan very careful.

 

[Martin Everson]

The sad thing will be that the 'victims' will be mostly relatively poor 'common sense challenged individuals'. If you have real money you will be able to plan and use real solutions, if you only have pocket change you will be a prospective EBP client.

Very true. Unfortunately it is the common sense challenged individuals who the taxman loves to go after first. They are so easy to prosecute as they cannot afford to mount any sort of legal defense like the wealthy can. Wealthy people and companies in tax cases can take years to prosecute as they hire the most expensive lawyers and can get away with evasion with the most stupid excuses when you have a good team of lawyers. Ask Google, Amazon or even this wealthy guy below whose defense to HMRC defies belief . He had to have had the best team of lawyers known to man.

Tax evading tycoon not prosecuted

 

[Samuel Newman]

Very true. Unfortunately it is the common sense challenged individuals who the taxman loves to go after first. They are so easy to prosecute as they cannot afford to mount any sort of legal defense like the wealthy can. Wealthy people and companies in tax cases can take years to prosecute as they hire the most expensive lawyers and can get away with evasion with the most stupid excuses when you have a good team of lawyers. Ask Google, Amazon or even this wealthy guy below whose defense to HMRC defies belief .

Tax evading tycoon not prosecuted

Last few years, Amazon, Starbucks, Google, Apple had a lot of problems with tax offices (mostly with such countries as Spain, France)
But, it looks like they do not really care about it

Also, sometimes I think that HMRC is afraid to do anything against such companies as Ernst&Young

 

[Martin Everson]

Last few years, Amazon, Starbucks, Google, Apple had a lot of problems with tax offices (mostly with such countries as Spain, France)
But, it looks like they do not really care about it

These companies have special treatment by tax authorities including being allocated special contacts to discuss tax matters. If you have enough money you can come to special arrangements with any tax authority . For example it took the European Commission to rule that Apple has not paid enough taxes in Ireland and the Irish taxman has allowed theme to get away without paying their fair share of taxes .

European Commission - PRESS RELEASES - Press release - State aid: Ireland gave illegal tax benefits to Apple worth up to €13 billion

Also, sometimes I think that HMRC is afraid to do anything against such companies as Ernst&Young

That's absolutely correct. The big 4 work hand in hand with government to disseminate and implement tax law to major businesses. HMRC cannot do this alone. They need the big 4 to be onboard with their tax plans via closed door consulting sessions, impact assessments etc etc. If the government upsets any of them they can advise all their multinational clients against HMRC's strategic tax interests .

Client: Hi E&Y should I headquarter my company in UK?
PWC: No f**k the UK they don't play ball with us

 

[KJK]

That's absolutely correct. The big 4 work hand in hand with government to disseminate and implement tax law to major businesses. HMRC cannot do this alone. They need the big 4 to be onboard with their tax plans via closed door consulting sessions, impact assessments etc etc. If the government upsets any of them they can advise all their multinational clients against HMRC's strategic tax interests.

Walking through London's City and reading the ring bells and office signs, I got the impression that half of London's population is involved in some form of "tax optimization" or "asset protection".
I think even all these small islands offering offshore services had/have their headquarters in London. And of course the big four consultants are the best experts.

It will be interesting when UK leaves the European Union.

But back to the topic - what does that leak realistically mean?
I imagine there are many people having accounts there. I considered them but checking their joke of a website discouraged me (they have a new website btw).

Will some database of personal accounts be automatically shared? Database of company accounts? Could there be some threshold below which the account is not interesting?

 

[Martin Everson]

Will some database of personal accounts be automatically shared? Database of company accounts? Could there be some threshold below which the account is not interesting?

I don't know if it is a database it sounded to me like reverse engineering to get account names, and yes the intel will be shared with any requesting country and possibly automatically within EU. Assuming you had a card linked to your account then all the info they have gathered now on your spending, ATM withdrawals and linked bank accounts will be a tremendous database of knowledge, movements and spending and even crypto or money laundering.

In terms of thresholds for example in UK under Section 166 of Finance Act 2016 below £25k is considered a non-serious tax crime and above that is considered a serious tax crime which carries a fine and jail time of up to 6 months even if non-declaration of offshore income is considered a mistake .

Hence amnesty is way forward. For EPB clients this is a serious problem and Amnesty is a must. Moving money away from EPB to conceal it could in fact extend the 6 month sentence up to 12 months in case of UK. It is a bit like going to jail for not paying your TV license after a court order to do so. People do actually get jailed in UK for TV license evasion and that is only for failing to pay the annual £150 charge .

 

[clemens]

I like your posts @Martin Everson you always outline what bad things can happen to someone that is using a particular bank