Anonymous Banking, How Does it Work?
Anonymous banking, commonly termed as bank secrecy or bank privacy, refers to the use of specified bank accounts that protect the personal information of the customer, his savings, assets and other financial funds. This was very common in early times of its usage.
The concept of bank secrecy is a progeny to the Swiss Banking Act of 1934, which was found when a few far-famed people were caught red-handed in the wrong practice of evading tax. It was proclaimed that the politicians, judges, industrialists, and publishers were indulged in abundance, in practice of hiding money in Swiss accounts. Though, the improvements in financial repository and unnamed digital bearer certificates have now made ‘No Name’ banking easier.
Bank secrecy boasts immense benefit to people and organizations that are in need or want of concealing money. Apart from getting tax evasion and resistance, people resort to it for various other purposes, both personal and professional. It becomes easy for person to hide money from friends, employer, family or even spouse. It also avoids chances of exploitation of money by some wrong doers, for instance, theft or other such malpractices. Privacy from press and petitions made by charitable trusts, family members, and law suit protections are also gained by adopting this measure. Seizing of funds in case of bankruptcy can also be avoided. Over all it is a worthwhile step in personal economic growth and safety.
An offshore bank offers many financial services that expedite international trade. They provide payroll assistance for companies with employees and contractors in other countries. Moreover, letters of credit are offered by them to certify that the companies in different nations pay one another for goods and services. They also facilitate finances to support businesses encountering large costs on imports and exports.
There are a few golden tips for fruitful anonymous banking. If these are observed and worked upon correctly, success is sure in maintaining secrecy in accounts. First and foremost, the account holder must avoid any kind of paper work related to that account, be it writing of cheques, or deposit or withdrawal of money to the secret account in first-hand. All this must be done either through an intermediary or by paying cheques from other countries. Use of personal phone lines (home or even office) is not advisable for making calls as well as sending or receiving fax. Pay phones, pre-paid or foreign calling cards or public faxes are a better option indeed. Lead a low profile life so that no one turns his mind to suspect. Exchange of mails regarding bank statements and all, should purely be avoided at the local address. As it involves a little risk, one must not do it if he is not sure about what he is doing. And the biggest thing to remember is that no one on this entire globe is immortal, so the holder should be sure of making requisite provisions for passing out all the clandestine assets and funds in the event of death.