Numbered accounts financial definition of numbered accounts
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A bank account
in which the owner is identified by a number instead of a name. Numbered accounts are used for discretion, and have a reputation of protecting money launderers and other criminals. Until recently, numbered accounts were almost exclusively used in the Swiss banking
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An account identified by something other than the owner's name.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive
The next myth is the fabulous numbered account
. I always say as a joke, that I have yet to come across a bank account that does not have a number.
Rafael Trujillo, for example, made off with an estimated $140 million from the Dominican Republic; Juan Peron stuffed at least $140 million into Swiss accounts: Haile Selassie's legendary $6 billion hoard may be grossly exaggerated, but he was still able to withdraw $600 million from his own accounts to help finance Ethiopia's war with Somalia: the Shah of Iran and Mobuto Sese Seko of Zaire managed to expatriate huge amounts of cash to numbered accounts
He was charged five years ago with helping about 17,000 Americans to conceal USD20bn in numbered accounts
at the bank.
* Numbered accounts
are available to everyone, even residents of Switzerland (although few Swiss use them).
Are numbered accounts
loopholes for criminals to hide illegally obtained fund?