Post by @DrBob

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@CmdrGraves@lemmy.zip on lemmy.zip Open parent

Why is Cayman Islands popular for "stashing money"?

Commonly heard in the crime genre that involves money laundering, as most would hide their stash over there either in actual cash or digital monetary transfers. It’s only an island nation within the Caribbean, the thing is: why is it treated like a Swiss Bank of some sort?

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Dr. Bob in !asklemmy

@DrBob@lemmy.ca · 1d

Because the laws of the Caymans allow corporations to keep owners and directors secret. So once money hits the Caymans it becomes nearly impossible to trace. This film sort of explains it. en.wikipedia.org/wiki/The_Laundromat_(2019_film)

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Created: April 25, 2019

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