From watching TV shows and movies, it looks as though you have ‘papers’ of the bank account. And usually, for dramatic effect, the papers are burned or destroyed somehow. Does this mean that their money is now lost?
And what makes it secret? Is it not in your name? If so, how do you prove its yours or have access to it? And why are they always in somewhere like the Cayman Islands?
I feel like TV shows and movies throw together plotlines about secret bank accounts constantly but I have no idea how they work.
In: Economics
The secret element is that the banks can’t be forced to reveal who holds the bank account to foreign governments, so criminals and others can “hide” money in them.
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