Should U.S. citizens be allowed to save or invest their money in offshore bank accounts?

07 Jan Should U.S. citizens be allowed to save or invest their money in offshore bank accounts?

“Offshore bank accounts are accounts operational in a foreign country. Due to less regulation, offshore bank accounts are widely used to hide undeclared income.
Proponents of a ban on offshore accounts argue that such accounts are mostly used for tax evasion, money laundering, illicit arms dealing and funding terrorism. Opponents of the ban say that such regulations will disadvantage corporations and entrepreneurs who have a genuine need for offshore accounts and further hurt the economy.
What do you think? Should U.S. citizens be allowed to save or invest their money in offshore bank accounts?
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