July 8, 2022
Peter Schiff Promises to work with the Puerto Rican Banking Commissioner (OCIF) to correct financial capitalization deficiencies, or any other possible regulatory problems cited in the OCIF order.
Schiff asks that all media who falsely reported that OCIF made any charges of willful money-laundering, or other financial crimes, to correct the record immediately — with corrections noted conspicuously
Statement by Peter Schiff, writer, economic commentator, and Director and sole shareholder of Euro Pacific Bank International
In its order made public last week, OCIF, alleged that the Bank had violated capital requirements and had failed to satisfy other regulatory obligations. In the best interest of depositors and bank employees, I intend to cooperate expeditiously and transparently with the OCIF Commissioner to bring the bank fully into compliance and to meet all the financial and regulatory obligations that we may have overlooked. We commit to working with OCIF to institute controls and rigorous due diligence going forward to avoid these errors in the future.
However, in recent days many press outlets have falsely reported that the Euro Pacific Bank International (EUBI), of which I am sole shareholder and Director, has been found by OCIF to have intentionally, or negligently, accepted deposits from money launderers or tax evaders, and that their cease and desist order was related to those crimes. Prior press reports have similarly relied on innuendo to suggest such criminal wrongdoing. These news reports are in direct contradiction to the OCIF Commissioner’s public statements that her actions had nothing to do with tax evasion or money laundering.
We ask all reporters and media organizations who have misreported that such wrongdoing has been charged to retract and correct such misreporting immediately — and to do so conspicuously, informing readers of the errors and the corrections.
Facts should still matter, innuendo is no substitute.