Offshore bank accounts are not always a bad thing. What are they use for? Wikipedia says these are the advantages:
- greater privacy (see also bank secrecy, a principle born with the 1934 Swiss Banking Act)
- little or no taxation (i.e. tax havens)
- easy access to deposits (at least in terms of regulation)
- protection against local, political, or financial instability
What are the illegal activities that could take place? Wikipedia address that also:
Offshore banking has often been associated with the underground economy and organized crime, via tax evasion and money laundering; however, legally, offshore banking does not prevent assets from being subject to personal income tax on interest.
Read the whole Wikipedia article HERE.
It is always suspicious when the people who are elected to office in your country feel the need to open offshore accounts. Read more in the article below.