system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: Why is having money in tax havens like Swiss Bank accounts considered bad if it is not actually illegal? If it is illegal why is there a Swiss Bank?
gpt
Depositing income into Swiss Bank accounts for the purpose of avoiding taxes is illegal, but there may be other reasons for wanting to keep money overseas and secret/secure. Also, Swiss banks are governed by laws of Switzerland, so U.S. laws have no bearing on whether and why they exist... their laws could be completely different than ours.