system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: Swiss Bank Account

Idk if this had been posted already, but can someone explain to me why Swiss bank accounts are so popular among the rich and/or fraudulent? I see it in movies and in the news from time to time. Someone puts a bunch of money away in a Swiss bank account. Why?
gpt
Switzerland once had very strict banking secrecy laws and refused to cooperate with the IRS.  Political pressure in the 1990s changed that, but not in a way that movies care about.  Today, it's the Cayman Islands where the rich go to avoid income reporting.