Opening an anonymous bank account, offshore or onshore, requires legal procedures and banks are compelled to identify the account holder. The FATF “Financial Action Task Force” an organization that declared war on anonymous banking, wherever in the world, because in their opinion anonymous bank accounts are a useful opportunity for the laundering of illicit funds and used for terrorist and criminal activities. Even if only a handful of accounts, when looked at all bank accounts globally, fit this profile, the blacklisting had a heavy impact on banks being on the blacklist. Blacklisting banks by FATF had the consequence that these banks came under financial pressure and therefore most of the banks complied with the rules of the FATF. Interestingly, none of the blacklisted banks today, are offshore jurisdictions.

We realize that the days of the anonymous bank accounts have past but the practice of anonymous banking itself not. However, anonymous banking requires careful legal planning on a global scale.

Offshore registered companies always play a central part in constructing any anonymous banking facility. Imperative is knowing the rules of legislation regarding beneficial owner disclosure. Requirements of offshore havens are that the actual owner of any account has to prove his/her identity. This can be achieved by sending a copy of the passport by fax. Personal meetings or travelling to the offshore banking location is not rquired. Nominees in charge of any account holding an offshore company is not always sufficient.