If you are a professional accountant employed in a firearms manufacturing corporation and your boss tells you to open a corporate bank account in the Cayman Islands where secrecy is guaranteed, what are the likely purposes of that account?

Question

Quizplus · Accepted Answer

Opening a bank account in the Cayman Islands, known for its secrecy, could be intended for tax evasion, money laundering, or depositing funds from banned purchasers, as these activities benefit from the lack of transparency and regulatory oversight.

If You Are a Professional Accountant Employed in a Firearms