Anonymous banking Definition
Anonymous banking is where the banks of certain countries are used for holding currency, based on the voluntary or statutory level of secrecy the banks provide.
There are a number of reasons to use anonymous banking:
- To store embezzled money.
- To launder money.
- To prevent confiscation of money.
- To pay less tax (banking secrecy extends to tax agencies being refused permission to examine accounts).
- For any other reason which requires no-one being able to identify the amount of money you have or have earned/acquired.
- Simply for privacy.