this post was submitted on 20 Oct 2024
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Explain Like I'm Five

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113
ELI5 How do rich people just hide their money in offshore bank accounts? Do they just call up the bank and say I want transfer such and money? How come the original bank doesn't catch on? (lemmy.world)
submitted 3 weeks ago by [email protected] to c/[email protected]
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[–] [email protected] 50 points 3 weeks ago (5 children)

There's law firms that specialize in this sort of thing. If you remember the Panama Papers from a few years ago, those were internal documents from one of these firms. Banks don't catch on because they like making money and pretending its not happening is often more profitable than calling the cops.

[–] [email protected] 5 points 3 weeks ago (2 children)

"a few years ago" being 2016

[–] [email protected] 15 points 3 weeks ago (1 children)

..too old or too recent? I'd describe anything from 3 to 10 years ago that way

[–] [email protected] 2 points 3 weeks ago

Doesn't have to be either. Someone just had a more specific number.

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