Unlocking the Mystery: How an AI Legalese Decoder Can Help with Foreign Banks Won’t Release My Money
- April 20, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Throwaway Account for Privacy Reasons
I am facing a situation where I have £150k in GBP in a foreign exchange bank account in Pakistan, obtained from a sale of a property I inherited there. However, Pakistan has strict regulations that make it difficult to transfer money out of the country. International bank transfers are denied, and no bank is willing to move my money to my UK bank account.
To bypass this issue, I am considering transferring money to my friends’ bank accounts in Pakistan, who will then have their relatives in the UK transfer the money to my UK bank account. This method, known as “Hundi / Hawala,” is a common form of remittance in Pakistan.
## Concerns About AML/KYC Compliance
My main concern now is how to navigate the AML/KYC issues when the money reaches the UK. I want to ensure that I do not inadvertently violate any regulations and land myself in trouble. Seeking advice on the best strategy to handle this situation is crucial to me.
## How AI Legalese Decoder Can Help
The AI Legalese Decoder can assist in understanding the legal implications of the proposed money transfer scheme. By inputting relevant information about the transaction, the AI can provide insights on potential compliance issues and suggest strategies to ensure AML/KYC requirements are met. This tool can offer valuable guidance to avoid any legal pitfalls and help navigate the complex regulatory landscape.
## Seeking Professional Advice
While I plan to consult with a solicitor experienced in this type of money transfer, I appreciate any advice or experiences from redditors who have dealt with similar situations. Thank you for any assistance you can provide.
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****** just grabbed a
I had a similar situation in Malaysia. You were not allowed to transfer RM overseas.
i got an HSBC bank account with RM and GBP. Internally in Malaysia exchanged RM to GBP.
Then linked the account to my UK HSBC account, and did a GBP to GBP internet transfer.
As it was all the same bank, there were no AML KYC issues.
>My main concern is how to avoid the AML/KYC issues when the money comes to the UK, I’m not sure what the best strategy is…
Hawala transfers are fully legal in the UK and treated like a normal currency exchange, however the operator needs to be registered as a money service bureau.
From what I remember their exchange rates aren’t the best, but you can use that money freely on anything. (For example mortgage payments or a house deposit) Without having to try and hide it.
If you do this I would highly recommend not receiving transfers into your primary bank account in case it gets shutdown. Last thing you want is everything else affected too.
I assume the reason is not just that “international banks won’t transfer the money” but that Pakistan has capital controls?
This doesn’t come up here very often – I can only recollect one or two threads on this subject the past several years.
IMO this should rightfully be treated as money-laundering but surprisingly the powers-that-be have decided to overlook it – [this Law Society brief](https://www.lawsociety.org.uk/topics/anti-money-laundering/chinese-underground-banking-and-funds-from-china) says to overlook it, and I believe [HMRC have also issued guidance](https://www.google.com/search?q=hmrc+Hawala).
Read some of these articles, but you might well be ok if you have good documentation of the original source of funds. Ask people in the British Pakistani community which banks they use.
Do you have plans to use this money in UK? To buy a house?
There was a similar thread 4 months ago, have you seen it?
https://www.reddit.com/r/UKPersonalFinance/comments/17u6gro/is_this_considered_money_laundering/
Crypto exchange?
Banks generally have quite limited appetite for Hawala as it’s unregulated as far as I’m aware, so the less said about it when it arrives, the better. As long as you have evidence of the source though, you should be fine. But like others have said, you need to find a way around the process such as what you’ve suggested or to use moneygram type companies. It’s going to look suspect from the banks perspective as in coming from Pakistan then into a UK account and onto another so make sure you have all your documents and explanations to hand.
Are you able to buy cryptocurrency like bitcoin in Pakistan? If so, then I suggest you do it that way. Once you have it in your bitcoin wallet you are effectively your own international, border less bank. You can withdraw it anywhere in the world.
Even better is to use Monero instead of bitcoin, because Monero can’t be traced. It’s a coin specially designed for privacy and anonymity.
Something else is going on here as I used to do mortgages for the Pakistani community and they sent money back and forth all the time. Did my fucking head in to be honest.
Buy gold coins for investment then fly them in gradually and sell when you are happy with investment appreciation or loss
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Wise (formerly known as transferwise) is able to send Pakistan rupee to other currencies
Whilst hawala can be and is used for legitimate purposes it is also utilised by criminals, particularly terrorist organisations to transfer funds.
Your issue won’t be that you’re using hawala, it will be proving the source of funds if questioned by your UK bank. There is a genuine disconnect between the funds in Pakistan and the funds your account will receive.
Given the value you’re talking about and the potential volume of transactions I would suspect your account will flag and be investigated. A disclosure can be made to the National Crime Agency without asking you for paperwork and things could get sticky very quickly.
Most organisations conduct reviews on disclosed customers to assess whether or not to maintain the relationship. I don’t envy the position you find yourself in, but using hawala as a transfer method is not risk-free.
Source: too many years working in Economic Crime in the banking industry!
Hey OP
You can legally remit up to 30k per annum outside Pakistan using banking remittance channel. So if you time it right you can move 60k out in December/January
You will need a GBP account in Pak and an account here and your bank will do the transfer for you. For the amount above the limit, dekh ke karna bhai
I had the same issue, my work around was purchasing a stable coin for crypto and then selling it on a UK exchange. Just keep all documents of the sale and preferably a statement of your PK account to show the money coming in then being transferred to an exchange and so forth.
Buy an expensive watch or jewellery with good resale value over here and just wear it back.
Yeah you’re looking for money laundering advice. If what you say is true you could approach a bank with suitable proof of the source of funds and it’d get sorted out.
Either you’re lying about the source of the funds and/or you’re trying to evade tax that should be due. Either way no one should help you.
If you are able to buy Cryptocurrency in Pakistan – you can buy Bitcoin and/or ethereum in Pakistan through a leading provider in Pakistan and then transfer the Bitcoin to a reputable company in the UK. For example you can easily open a Bitcoin and Etherium wallet with Revolut. Start with a relatively small amount to get familiar with the E2E flow. For example £1000 to £2000 worth.
You can then exchange the BTC to GBP on Revolut and withdraw to your UK bank account. You’ll need to do ID checks with Revolut but its all above board. Would recommend doing the transfers on the same day so you dont expose yourself to any exchange risks between BTC/GBP prices.
You will pay fees but at least you can get the money out of the country.
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