Offshore accounting has long been a subject of debate in financial and legal circles. While there are legitimate reasons for businesses and individuals to hold offshore accounts—such as asset protection, international business expansion, and tax planning—the misuse of offshore structures has made them a favorite tool for tax evasion, fraudulent financial reporting, and money laundering.

From a forensic accounting perspective, offshore accounts present numerous challenges in detecting and preventing financial crime. This post will explore the pitfalls of offshore accounting, its use for tax evasion and creditor fraud, and why it has become a preferred tool for criminals over the years. [Read more…]