So let’s say you own an insurance company, and you want to offshore all the profits. You establish a reinsurance company in Bermuda to underwrite all your policies and charge your insurance company billions for the privilege. Now it’s a business expense so it doesn’t count as income for the insurance company. You have successfully offshored billions of dollars.
I’ve worked for big companies before that opened up shell companies in tax havens like Dublin. They literally just moved the payments to there. When they floated it to us, they said hey, we’re just not going to owe taxes anymore. We’ll save billions.
We all looked as each other and said Jesus that sounds illegal. And yet there it was and it passed muster and they went public and IPO and everything
There’s law firms that specialize in this sort of thing. If you remember the Panama Papers from a few years ago, those were internal documents from one of these firms. Banks don’t catch on because they like making money and pretending its not happening is often more profitable than calling the cops.
Why would banks care? If they’re getting a cut they care, otherwise it’s someone else’s business. Usually it’s the tax authorities who would care.
Banks were the only ones still able to fuck people over en masse during the pandemic, and oh boy did they know it
“a few years ago” being 2016
…too old or too recent? I’d describe anything from 3 to 10 years ago that way
Doesn’t have to be either. Someone just had a more specific number.
Yes, the banks know. Their cut is usually large enough for them to look the other way.
Just to be clear, it’s not like the bank explicitly says “yeah, we’ll hide your money for x%”
Banks make money on fees, active management of investments, etc.
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.
While rest of us get get flagged for feds when we want to do something with 9k dollars because it close enough to 10k 🤡
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.
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 🤡
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?
Bootlicker 🤡
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.
You dont understand what 10k limit is really about and confidentiality bootlicling while at it.
I bet your life is a mess and you have no idea why.
Pathetic
