Be Careful with U.S. Customs -- A Cautionary Tale--Part 2

[Seymore]

Family's $500K inheritance seized by U.S. border officials....

Family's $500K inheritance seized by U.S. border officials | CBC News

Notice the way (it's reported) that US CBP claims they're entitled to keep the bank drafts because they are counterfeit, in the face of affidavits by the owners and the bank that say they're genuine.

[StuM]

UPS and bank drafts? That's insane.



Hasn't anyone in Canada heard of electronic funds transfer?

Even here in the the third world I can transfer money electronically to anywhere in the world.

[NCGunDude]

Insane does not equate to criminal. The government hates competition.

[admiralslater]

Transfering any large amount of money any way is fraut . Especially over the border with tha USA. Even domestically there is a limit .

[john61ct]

You just need to be ready to show legitimate sources of your funds

[Dockhead]

Originally Posted by admiralslater

Transfering any large amount of money any way is fraut . Especially over the border with tha USA. Even domestically there is a limit .

What is "fraut"? I've never heard that word, and I have a pretty good vocabulary.




And what about this "limit"? I didn't think either the U.S. or Canada had ever had any capital controls since the 1970's. I thought that went out with the Soviet Union. Could you please let us know what is this limit? And what law?

[Dockhead]

Originally Posted by StuM

UPS and bank drafts? That's insane.



Hasn't anyone in Canada heard of electronic funds transfer?

Even here in the the third world I can transfer money electronically to anywhere in the world.

Pretty stupid, but absolutely innocent. They kept the money for a whole year!!

[john61ct]

Fraught

as in fraught with peril

causing anxiety

[john61ct]

Originally Posted by Dockhead

And what about this "limit"? I didn't think either the U.S. or Canada had ever had any capital controls since the 1970's.

If you walk into a bank with a lot of cash, asking to do an ACH wire transfer, even with the best pile of ID, you may need to show evidence of the funds' legitimacy.

https://www.ffiec.gov/bsa_aml_infoba...al/OLM_106.htm

Of course for white Christians and regular customers the triggering amount will be higher.

[CarlF]

It was criminal to mail this much cash regardless of the purpose. I doubt the law has an exception for people who don't know the law.

Since 9/11, tracking cross border movement of large amounts of cash has been an important and quite effective part of government efforts to stop terrorists by cutting off their money. It's not just the US, the UK has very strong anti money laundering laws.

I'm about as liberal as they come but all in favor of this.

I expect he'll get his money back eventually but it's a pretty strange story that could certainly seem fishy to law enforcement.

[Dockhead]

Originally Posted by CarlF

It was criminal to mail this much cash regardless of the purpose. I doubt the law has an exception for people who don't know the law.

Since 9/11, tracking cross border movement of large amounts of cash has been an important and quite effective part of government efforts to stop terrorists by cutting off their money. It's not just the US, the UK has very strong anti money laundering laws.

I'm about as liberal as they come but all in favor of this.

I expect he'll get his money back eventually but it's a pretty strange story that could certainly seem fishy to law enforcement.

Where do you get this stuff? It is not criminal to mail or transfer or carry in cash any amount of cash, up to millions or even billions. We are still a free people -- at least for the moment.


Anything over $10,000 has to be declared. That's the only obligation.



This was an inheritance, for Pete's sake, and the method of transfer was chosen on the advice of the bank.




How amazingly successful Bin Laden was in turning people against each other in paranoid hysteria. I guess he couldn't even dream how effective all this would be.

[Dockhead]

Originally Posted by john61ct

If you walk into a bank with a lot of cash, asking to do an ACH wire transfer, even with the best pile of ID, you may need to show evidence of the funds' legitimacy.

https://www.ffiec.gov/bsa_aml_infoba...al/OLM_106.htm

Of course for white Christians and regular customers the triggering amount will be higher.

Indeed. In the present climate, you would need to be very careful, whatever your color or religion. Do only bank transfers from your own account, and have complete documentation.

[cyan]

Originally Posted by john61ct

Of course for white Christians and regular customers the triggering amount will be higher.

Yeah, I get nervous, what with all those religious questions at my bank these days.

[30yearslater]

I'm not a huge fan of CBP and it's my country. That said this is not something new. The RICO Act of 1970 was put in place to disrupt organized crime moving money in and out of the United States. This was the seminal act that has been used to thwart drug money moving across the border by the drug cartels. Since 9/11/01 it is being used to disrupt the flow of money used for purposes of terrorism. Any amount over $10,000 US is immediately flagged as suspicious. Canada also has requirements for these same amounts. Been asked about this every time I clear Canadian Customs. In the US you need full documentation of the source of funds for amounts deposited into a financial institution over $10,000 US. An attorney is the best option to clear this type of transaction. Walking around with a half mil from a foreign country is a sure fire way to ring the alarm bell. Take the hint and don't bring large amounts to the US and expect to walk right on in. Hire an attorney to arrange for the appropriate instruments prior to boarding a plane. Best few bucks you will spend.

[Dockhead]

Originally Posted by 30yearslater

. . Any amount over $10,000 US is immediately flagged as suspicious. Canada also has requirements for these same amounts. Been asked about this every time I clear Canadian Customs. In the US you need full documentation of the source of funds for amounts deposited into a financial institution over $10,000 US. An attorney is the best option to clear this type of transaction.

Both of these statements are false. Transactions above $10,000 are not indeed flagged as "suspicious", automatically. They merely trigger certain reporting requirements. In the U.S., it's a FinCen Form 105 for carrying cash or negotiable instruments across the border, and IRS Form 8300 for domestic cash transactions, including cash deposits. The reports do not involve "full documentation of the source of funds" (where do people get this stuff); they are simple forms which merely state the amount and identify the the person with the cash. When you make a large deposit of cash into a U.S. bank, you don't file any report at all -- the bank files an 8300. You don't need an attorney (and I are one). You are NOT required in any way to report the transportation of a check across a border -- whether a cashier's check or otherwise -- provided the check is made out to a specific person and is not endorsed so as to make it negotiable.

Originally Posted by 30yearslater

Walking around with a half mil from a foreign country is a sure fire way to ring the alarm bell. Take the hint and don't bring large amounts to the US and expect to walk right on in. Hire an attorney to arrange for the appropriate instruments prior to boarding a plane. Best few bucks you will spend.

Don't drink this post-911 Kool-aid, that all these abuses are necessary to protect us from terrorists. This guy inherited $500,000, and on the advice of his bank, did something perfectly legal -- had a cashier's check made out to an old, sick person, and mailed it to him. There is nothing illegal about that whatsoever, nothing immoral, nothing remotely suspicious, and no report was required to be filed. No cash was ever involved. This is a perfectly innocent person who had half a million dollars grabbed for no reason at all, except that CBP is totally out of control, and barely got it back and only after a year. This is outrageous.