Home / Economy / Black Money / How black money is converted into white money. – Black money is tax evaded income. It can be earned through both legal and illegal means. The majority of the black money is the income received in cash not accounted in books and not revealed to the government for tax purposes.
Herein, what is so special about a Swiss bank account?
The Banking Law of 1934 made it a criminal act for a Swiss bank to reveal the name of an account holder. Swiss bank secrecy protects the privacy of bank clients; the protections afforded under Swiss law are similar to confidentiality protections between doctors and patients or lawyers and their clients.
Can I open Swiss bank account?
Opening a numbered account. Numbered accounts are usually not as easy to open. They typically require that you physically go to the bank in Switzerland. They also typically require an initial deposit of at least $100,000 and cost about $300 per year or more to maintain.