|
Open A Foreign Bank Account With No Paper Trail Leading Back to You.
Successful Forex traders and other professionals in the industry who have accumulated a significant wealth, often wonder how to establish secret foreign bank accounts with their choice of currency. The best way to establsih and mainatin secrecy in banking is to eliminate paper trail.
The only way to eliminate a paper trail is to go in to your new bank personally or through a lawyer and open your account with untraceable cash or a commodity like gold. As many banks around the world are required by their governments to restrict or report the amount of cash they accept from new accounts, it may be necessary to either open a number of small accounts and later consolidate them, or to take really huge sacks of cash into banks in those remaining few jurisdictions that don't care about conforming to Big Brother's wishes.
In Switzerland currently, most banks will accept a maximum of 100,000 Swiss Francs from a new customer. This is around Euro 65,000. Accordingly, to open a Swiss account with Euro 1,000,000 in it, it would be necessary to make 25 trips, or to open around 25 different accounts in cash at various branches or other Swiss banks and later combine them into one big account.
Once you have a personal relationship with a banker, however, he can make special arrangements with you (regarding confidential movements of cash) everywhere in the world - of course not in those countries where Big Brother and the Bureau Rats are in total control. An established customer in Switzerland can deal in unlimited amounts of cash if the banker feels his client's source of funds is legal.
Second best for breaking the paper trail is perhaps bearer securities. These are simply shares of companies or bonds that are issued to bearer. The company has no record of who the owner is. They are outlawed in the USA, but available everywhere else. One deposits bearer securities with the new bank and tells the new bank either to hold them, or to sell them and deal with the proceeds as directed. With bearer securities there is a potential trail (very difficult to follow) if you bought the bearer securities in your own name through a stockbroker or bank. Thus it is best to explain to the stockbroker when you buy, that your objective is confidentiality.
A third possibility is to purchase something (an object or commodity) that you know can be shipped abroad and sold. Gold, rare coins, stamps, jewelry, antiques, art works - all these are possibilities. But if you are in a hurry, nothing works as well as cash. But even cash takes up a lot of space in a suitcase if you use sterling (largest note is 50), or dollars (largest note is 100 dollars).
Which countries have the largest denomination notes?: most people believe it is Switzerland. The Swiss have a 1,000 franc note. Canada also has a 1,000 dollar note. But Singapore, with a strong, well accepted currency has 10,000 dollar notes in common circulation. They are worth closer to 6,000 US dollars. Using Singapore banknotes, 12 million is US dollars value can be crammed into an ordinary attache case, and 1 million US dollars can be stuffed into a pocket or belly money-belt.
Transit accounts: Aside from cash, the simplest way to break the paper trail from a practical point of view is to use transit accounts. Briefly, a transit account is simply an account in a different name (perhaps a corporation), and with bank secrecy. Funds are routed through two or three such accounts. Investigators usually can't be bothered to go through the legal procedures in foreign countries, which can take an average of six months per account. Since most banks don't care much for bank robbers, drug dealers etc. they will usually give much faster, voluntary co-operation where evidence is given that the money comes from these illicit sources.
About the Author
Source: www.electronicforextrading.com, an informative resource for both novice and professional forex traders.
Written by: Ananymous
|
