Offshore Banking And ConfidentialityOffshore tax havens offer an adequate level of confidentiality, but e-business entrepreneurs should be aware that confidentiality does not equal absolute secrecy. Offshore jurisdictions’ confidentiality has been severely curtailed in for various reasons, including threats of global terrorism and money laundering. It has now become impossible to avoid the risk of potential disclosure when opening an offshore bank account.
The following questions have been addressed in this article:How do the FATF and the OECD influence offshore banking?
What are “Know Your Customers” actions?
What is the Patriot Act and what influence does it have on offshore banking confidentiality?
What other entities impact offshore banking confidentiality?