Off Shore Organized Crime Banking

Dec 29, 2008

While this may sound a bit like a bad organized crime novel plot, it is actually true that many people who participate in the underground economy (tax evasion and money laundering) do have bank accounts in offshore banks.

Offshore banking and banking in your country of origin (the USA) are two completely different cans of worms. In the first place the term offshore actually comes by way of the United Kingdom meaning from the Channel Islands – offshore. This really does explain why these days most offshore banks are in island nations. That doesn’t mean of course that there aren’t offshore banks in other countries, because there are. It’s used as a figurative term only.

When most people think of offshore banks and accounts full of dirty laundered money they think “shady dealings” and are suspicious about the whole process. The truth of the matter is that not all money that goes into offshore bank accounts is the proceeds of ill-gotten goodies. This is a myth perpetuated by TV crime shows that couldn’t be further from the “other” truth, which is that offshore banks offer many legal and financial advantages.

If wealth happens to follow a person from wise investments, offshore banks help maintain iron curtain privacy for that windfall. In fact said Dan Wannamaker of Wannamaker Law in Houston, Texas, “The secrecy these banks operate under is the exact legal principle that lets them protect customer’s personal information.” Of course the most famous offshore banks in the world are in Luxembourg and Switzerland.

The most attractive feature of banking offshore appears to be the more relaxed attitude about toeing the legal line that most customers would face on their own terra firma.

Further attractions to bank offshore include no or low tax rates. This prompts many large companies or wealthy individuals to pack their bags and more everything, lock, stock and barrel to such a haven. This of course denies Uncle Sam his tax cut. It doesn’t hurt either that it is easier to access funds in an offshore bank than it is to withdraw from a national bank.

If faced with money laundering charges and an offshore bank account happens to be a part of the litigation, make sure to consult with a board certified criminal specialist such as Dan Wannamaker of Wannamaker & Associates in Dallas, Texas. When in need, don’t spend time trying to handle the affair without the assistance of expert legal counsel.

To learn more, visit

Adviatech Corp. PR for Wannamaker & Associates
9280 Bay Plaza Blvd Suite 706
Tampa, FL 33619