Westpac Banking Corporation, the Perth Mint and hundreds of Australian citizens have been caught up in a global tax evasion probe into a Puerto Rican bank co-owned by a flamboyant American millionaire.
Euro Pacific marketing materials list the bank’s existing or previous financial partners as Westpac and the West Australian government-owned Perth Mint, raising the possibility that the Australian institutions have facilitated the activities of organised criminals or tax evaders.
Westpac, which is still reeling from its $1.3 billion fine in September for breaking money laundering laws, was a Euro Pacific banking "correspondent partner" until 2018. The relationship meant Westpac facilitated the Puerto Rican’s bank’s dealings with its Australian customers.
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