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Why is the Cayman Islands popular for "stashing money"? (lemmy.zip)

submitted 1 month ago* (last edited 1 month ago) by CmdrGraves@lemmy.zip to c/asklemmy@lemmy.ml

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Commonly heard in the crime genre that involves money laundering, as most would hide their stash over there either in actual cash or digital monetary transfers. It's only an island nation within the Caribbean, the thing is: why is it treated like a Swiss Bank of some sort? As in, either elites or those on the run would hide their funds in Cayman Islands.

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[–] FriendOfDeSoto@startrek.website 3 points 1 month ago

Any place with low taxes, low or rich people favorable oversight over the financial sector, or chance to park money anonymously is a place rich people gravitate to.