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

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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 2 months ago by Don_Dickle@lemmy.world to c/explainlikeimfive@lemmy.world
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[–] ultranaut@lemmy.world 51 points 2 months 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.

[–] fistac0rpse@fedia.io 5 points 2 months ago (2 children)

"a few years ago" being 2016

[–] CrayonMaster@midwest.social 16 points 2 months ago (1 children)

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

[–] XTL@sopuli.xyz 2 points 2 months ago

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

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