Numbered Bank Account

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Can I get a Numbered Bank Account? This is a question our law firm, Panama Legal gets asked frequently. The answer is no but there are some very suitable alternatives.

Numbered Bank Account Definition- This was originally a bank account where there was no name on the account, instead there was just an account number. This was before the banks had to follow the know your customer rules. The Swiss were widely known for this type of account. A client went to a bank and opened up an account without providing any identity documents so no one knew who owned the bank account. Can anyone say criminal activity, money laundering, terrorism. After some years by the later 1980's or early 1990's the numbered accounts were modified. Now the bank had to collect identity documents on the client but the files were kept locked up in a special safe at the bank which only the managers of the bank had access to. There were usually special bank secrecy laws with special punishments for violating the secrecy of these numbered accounts. After time by the mid 1990's the numbered accounts were being done away with altogether. Clients were given a certain amount of time to remove their funds from the numbered accounts or else they would have to provide identification before they could make a deposit or withdraw funds.

Numbered Accounts Illegal Today the banks using the wire systems around the world all have to follow certain rules or else they get black listed by FATF (Financial Action Task Force). This means the other banks will not conduct any business with them including sending or receiving wires. Numbered bank accounts do not meet the requirements and thus are not allowed. Banks are not even allowed to wire money into or receive money from any numbered account.

Sparbuch Accounts These were special bank accounts in Austria. They were anonymous and number based. They were a way to circumvent the numbered bank account regulations. The Sparbuch account was a special passbook account that could only be accessed inside of Austria. This account did not send or receive international wires of checks so this is how they got around the law. The client had to come to bank in Austria and present the Sparbuch account book and provide a password to operate the account. It was also possible to go to a special ATM machine for these accounts where money up to $20,000 could be taken out of course anonymously. Sadly, these Sparbuch accounts were all closed in 2002.

Panama Bearer Share Corporate Bank Accounts- The Panama bearer share corporation is anonymous. There is no public registry or database which has the names of the owners recorded in it. The Panama bearer shares do not have to be kept in Panama with the corporate agent. There is no requirement to report sales of the corporation. When one opens up a bank account with one of these companies it is just like using a numbered bank account in the later days of numbered bank accounts when the bank knew who owned the account but no one else would know. When the wires move around the world no one can tell who the natural persons are that own the corporation or bank account. Panama bank secrecy is the strongest in the world. Panama has no collection of judgment treaties, no tax treaties, no child support treaties and no alimony treaties. Panama Foundations are also anonymous. Panama has essentially replicated the numbered bank account by combining anonymous bearer share corporations with their strong bank secrecy.

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