Posted in Finance, Accounting and Economics Terms, Total Reads: 381
Definition: Pirate Bank
Pirate bank is a financial entity or a bank which provides an account specifically to some people who may use these accounts for activities which are not legal. These accounts mostly are maintained at a location which is different from the country of these individuals.
The encryption used by these banks is very strong and is done so to make these accounts accessible to the owners but inaccessible to the authorities if they come looking.
Swiss bank accounts are commonly heard in the media when it comes to such accounts. But it does not mean any account that is opened like this would be for some kind of activity which is against the law.