In the 21st century, the global economy suffered a major economic crisis, heavily affected by the misuse of offshore banks. How do offshore accounts and all its components work? Offshore accounts often raise topics such as tax havens, money laundering and unofficial assets. People who have offshore accounts control their accounts via a credit card with a unique, individual number and a secret code. This system helps all these banks ensure financial secrecy, meaning that only you and your banker will be legally allowed to know the financial activity of your account. Financial secrecy, completely different from financial confidentiality, includes numerous regulations to maintain this asset of secrecy. For example, many banks use codes that are implemented during communication and which, in the absence of this code, means that a government agency is investigating this account. .Why all this secrecy? Well, the shocking amount of money hidden in these accounts is estimated to be as much as $21 trillion. Much of this money is acquired through assets that increase their value and, for even greater benefits, avoid taxes in so-called tax havens. According to Leona Helmsley, a woman who ran a chain of luxury hotels and famous for saying and quoting “only the little people pay taxes”. What do mostly rich people do to avoid taxes? The owners of offshore accounts found a different path that allowed them to keep their money, the idea of ​​tax havens which is known to be promoted by these experts whose expertise is out of the ordinary but who are nevertheless experts in the use the flexibility of the system to their benefit. benefits. Offshore banking is a two-sided game in which white-collar criminals camouflage...... middle of paper ...... these wealthy people who have offshore accounts for the sole purpose of avoid taxes, launder money or keep money abroad. are equally responsible and also break the law. Nigeria is a major oil supplier to the United States, yet Africa's most populous country is home to the world's biggest thief in the 1990s, who was almost certainly the late military dictator Sani Abacha, with 12 to 16 billion dollars passed. of Nigeria with corrupt and fraudulent money during his murderous five-year regime, most of it flowing into the personal accounts of Abacha and members of his immediate family. Offshore banks attract criminals and opportunists, but that doesn't mean they are inherently bad. The purpose of offshore banking could be very useful for common men, but unfortunately it is the white collar criminals who use and abuse this privilege..