Transferring money limits
#16
Re: Transferring money limits
Its easy and safe, just follow the rules and declare it, you just carry the proof, bank statements showing youve had the cash forever or sale notes on personal investments. HMRC will tell you what they would prefer to see. Its just money laundering compliance. NB if airport staff decide not to accept what is the command of HMRC they put themselves at risk of court action from you. Their actions take place in public or with colleagues. If you suffer financially by them depriving you when you have supplied the required proofs, or they make the mistake of talking about confiscation in public, they have defamed you, and they have acted beyond their lawful remit. Slander, if documented in public - libel, consequential losses, a few other things... My fx supplier kindly supplied a document on how to proceed and what evidence you need to cash in - in a number of countries... One gets the feeling theyve been there.
When the jobsworths lose which they will if you have been compliant, they will pay for your replacement flights, any fx losses, business losses, damages etc.
When the jobsworths lose which they will if you have been compliant, they will pay for your replacement flights, any fx losses, business losses, damages etc.
And to be clear, the law doesn't just apply at airports and sea ports. If the police find you walking down the street with a hold all full of cash they can take it under civil forfeiture. And customs can take it even if you are carrying documentation to "prove" it's source.
#17
I still dont believe it..
Joined: Oct 2013
Location: 12 degrees north
Posts: 2,775
Re: Transferring money limits
you are discussing the 3rd world country of murica where i would not tread by choice, in more civilised countries, you win big time when the jobsworths screw up, but i see in murica things are improving? it is now not allowed without criminal convictions in several areas.
I always thought that the law in murica was about money, if you have it you can win, i guess if they take it off you they are improving their chances.
I always thought that the law in murica was about money, if you have it you can win, i guess if they take it off you they are improving their chances.
#18
Re: Transferring money limits
you are discussing the 3rd world country of murica where i would not tread by choice, in more civilised countries, you win big time when the jobsworths screw up, but i see in murica things are improving? it is now not allowed without criminal convictions in several areas.
I always thought that the law in murica was about money, if you have it you can win, i guess if they take it off you they are improving their chances.
I always thought that the law in murica was about money, if you have it you can win, i guess if they take it off you they are improving their chances.
But I don't think you understand what "civil forfeiture" means - it is NOT confiscation, removing the money permanently, which, yes, does require a conviction.
Civil forfeiture is only the "temporary" removal of the money - you just have to show up in court and provide a plausible explanation, with sufficient evidence, as to where the money came from and what you were doing with it. The argument being that an honest person will be able to provide such evidence, and a drug dealer or money launderer will scamper away into the shadows.
Last edited by Pulaski; Aug 23rd 2017 at 1:14 pm.
#19
I still dont believe it..
Joined: Oct 2013
Location: 12 degrees north
Posts: 2,775
Re: Transferring money limits
Nope, its different, in the uk, i dont think civil collections relevant, its under POCA. There could be no civil collection unless its subsequent to collect say compensation for a victim , its a criminal matter, the police claiming your cash is a proceed of crime, which they have to have at least circumstantial evidence of for the holder. If they havent - they are in trouble themselves and they will be compensating you. Interestingly failure to disclose is itself an offence, so always do
Proceeds of Crime Act Money Laundering Offences: Legal Guidance: The Crown Prosecution Service
Proceeds of Crime Act Money Laundering Offences: Legal Guidance: The Crown Prosecution Service
Last edited by uk_grenada; Aug 23rd 2017 at 1:38 pm.
#20
Re: Transferring money limits
Nope, its different, in the uk, i dont think civil collections relevant, its under POCA. There could be no civil collection unless its subsequent to collect say compensation for a victim , its a criminal matter, the police claiming your cash is a proceed of crime, which they have to have at least circumstantial evidence of for the holder. If they havent - they are in trouble themselves and they will be compensating you. Interestingly failure to disclose is itself an offence, so always do
Proceeds of Crime Act Money Laundering Offences: Legal Guidance: The Crown Prosecution Service
Proceeds of Crime Act Money Laundering Offences: Legal Guidance: The Crown Prosecution Service
#21
I still dont believe it..
Joined: Oct 2013
Location: 12 degrees north
Posts: 2,775
Re: Transferring money limits
Nope - youre wrong - nothing civil about it, its poca
Woman Wins Appeal Over Seized Cash - Heart Sussex News
https://www.accountingweb.co.uk/busi...leaving-the-uk
Border Agency forced to hand back £700,000 seized from the luggage of billionaire who said the cash was 'peanuts' to him | Daily Mail Online
Woman Wins Appeal Over Seized Cash - Heart Sussex News
https://www.accountingweb.co.uk/busi...leaving-the-uk
Border Agency forced to hand back £700,000 seized from the luggage of billionaire who said the cash was 'peanuts' to him | Daily Mail Online
#22
BE Enthusiast
Joined: Jul 2008
Location: Toronto
Posts: 534
Re: Transferring money limits
Yes, absolutely, without a shadow of a doubt.
I also recommend that you tell your bank ahead of the money arriving to expect it, the amount, where (country and bank) it is coming from, and where you got it e.g. sale of house, accumulated savings, etc.
That said, there is nothing wrong with breaking a transfer into a few large sums (larger than the reporting threshold) if you want to average out exchange rates over a few months.
I also recommend that you tell your bank ahead of the money arriving to expect it, the amount, where (country and bank) it is coming from, and where you got it e.g. sale of house, accumulated savings, etc.
That said, there is nothing wrong with breaking a transfer into a few large sums (larger than the reporting threshold) if you want to average out exchange rates over a few months.
#23
Re: Transferring money limits
Correct, more or less .... So long as the bank is aware that you will be transferring, say, C$500,000 there is likely no harm in breaking into whatever amount you like of C$10,000 (or equivalent in another currency), or more. But if you start sending say C$25,000 every week for several months at a stretch and haven't pre-informed your bank, the consequences might not be quite what you expected.
#24
Re: Transferring money limits
Yes, I was wrong. Civil forfeiture appears to be largely a US phenomenon, and I can't see anything about pre-emptive seizures of cash, i.e. prior to a conviction (or in anticipation of a conviction) in the UK, other than at a port of entry.
#25
BE Enthusiast
Joined: Jul 2008
Location: Toronto
Posts: 534
Re: Transferring money limits
Correct, more or less .... So long as the bank is aware that you will be transferring, say, C$500,000 there is likely no harm in breaking into whatever amount you like of C$10,000 (or equivalent in another currency), or more. But if you start sending say C$25,000 every week for several months at a stretch and haven't pre-informed your bank, the consequences might not be quite what you expected.
On the government agency side, multiple payments of 10K or more over a period might trigger some activity but, so long as it tallies with what you've reported on your tax return (and T1135 if relevant) you'd be unlikely to ever hear about it - same applies to one off large transfers.
A few years ago this may all have been a bit different but, with the changes in the FX transfers market, it's now extremely common for people to make multiple smaller transfers (e.g. because of online transfer limits) rather than one large one. Albeit it's a small sample set, but I moved my UK assets to Canada two years back in multiple 25K GBP chunks, partly because that was the online transfer limit from by bank there but, also, because I wanted to average out the exchange rate, and have not heard a peep from the CRA, RCMP, CSIS or whoever. Having said that, all the assets involved had been carefully declared on my T1135 over multiple years so, if you've been less than scrupulous in that respect, your mileage may vary (but that would apply to a single large payment too).
#26
Re: Transferring money limits
..... For payments of 10K or more, so long as there isn't some specific trigger - e.g. government agency request to monitor, politically exposed person, country of origin, no good explanation of source in the case the bank asks the client about it, large withdrawals in cash following the deposit, onward payments to other jurisdictions etc - your bank is very unlikely to do anything and, if they do, it will be limited to calling you up and asking what the source of the funds is. ......
Otherwise your post is pretty good, just spoiled by three words.
Last edited by Pulaski; Aug 30th 2017 at 12:59 pm.