Don_Dickle@lemmy.worldM to Explain Like I'm Five@lemmy.worldEnglish · 27 days agoELI5 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?message-squaremessage-square9fedilinkarrow-up190
arrow-up190message-squareELI5 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?Don_Dickle@lemmy.worldM to Explain Like I'm Five@lemmy.worldEnglish · 27 days agomessage-square9fedilink
minus-squareDagwood222@lemm.eelinkfedilinkEnglisharrow-up12·27 days agoFirst, 99% of it is completely legal. Rich people write the tax laws. It’s only when the money is coming from an illegal source that it becomes a crime and most big criminals know how to get around that.
First, 99% of it is completely legal. Rich people write the tax laws. It’s only when the money is coming from an illegal source that it becomes a crime and most big criminals know how to get around that.