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 3 weeks ago by Don_Dickle@lemmy.world to c/explainlikeimfive@lemmy.world
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[–] Dagwood222@lemm.ee 18 points 3 weeks ago (1 children)

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.

[–] sunzu2@thebrainbin.org 4 points 3 weeks ago (1 children)

While rest of us get get flagged for feds when we want to do something with 9k dollars because it close enough to 10k 🤡

[–] partial_accumen@lemmy.world 2 points 3 weeks ago (1 children)

Isn't that $9k limit against pure cash deposits? As in an ACH, wire transfer or even old school paper cheque would be fine, but untraceable cash of $9k raises the eyebrows of regulators.

[–] sunzu2@thebrainbin.org -2 points 3 weeks ago (1 children)

9k cash aint that much money nowadays...

But you are correct. I dont think 9k ach transfer would trigger SAR but god for forbid plebs use cash to buy a usef car 🤡

[–] partial_accumen@lemmy.world 2 points 3 weeks ago (1 children)

9k cash aint that much money nowadays…

Where are you getting multiple handfuls of $9k in cash (and you aren't a cash operating business which don't apply) that you are running into this as a problem?

[–] sunzu2@thebrainbin.org -4 points 3 weeks ago (1 children)

Bootlicker 🤡

[–] partial_accumen@lemmy.world 5 points 3 weeks ago (1 children)

Bootlicker 🤡

You're creating your own problem, complaining about it, and somehow that's my fault? If this is your regular pattern, I bet your life is a mess and you have no idea why.