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Alice H
Alice H, Solicitor/Partner
Category: UK Law
Satisfied Customers: 2847
Experience:  Partner in national law firm
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MA, WHAT ARE THE IMPLICATIONS OF TRANSFERRING LUMP SUMS (e.g

Customer Question

DEAR SIR/MA, WHAT ARE THE IMPLICATIONS OF TRANSFERRING LUMP SUMS (e.g 100,000USD PER DAY-MAXIMUM LIMIT) THROUGH BANKS IN UK TO CHINA TO PAY SUPPLIERS OF PRODUCT FOR MERCHANTS IN NIGERIA. I AM IN NIGERIA AND THE MONEY WILL BE PURCHASED LOCALLY FROM BUREAU
EXCHANGE WHEREBY AN EQUIVALENT OF SUCH AMOUNT IS PAID BY AN THEIR AGENT IN UK INTO MY UK ACCOUNT WHILE I FUND THEM WITH OUR LOCAL EQUIVALENT. SEQUEL TO THE ABOVE, THE MONEY WHICH IS NOW IN MY UK ACCOUNT IS WHAT I WILL TRANSFER THROUGH ONLINE BANKING INTO BANKS
IN CHINA(ESPECIALLY), SOMETIME UK OR US BANKS. IS THIS CONSIDERED AS MONEY LAUNDERING? I NEED MORE CLARIFICATION OF WHAT CONSTITUTE MONEY LAUNDERING AND WHAT OTHER CHARGES COULD BE TABLED AGAINST ME SUPPOSE I TRAVEL TO THE UK. THANKS
Submitted: 1 year ago.
Category: UK Law
Customer: replied 1 year ago.
DEAR SIR/MA,
WHAT ARE THE IMPLICATIONS OF TRANSFERRING LUMP SUMS (e.g 100,000USD PER DAY-MAXIMUM LIMIT) THROUGH BANKS IN UK TO CHINA TO PAY SUPPLIERS OF PRODUCT FOR MERCHANTS IN NIGERIA. I AM IN NIGERIA AND THE MONEY WILL BE PURCHASED LOCALLY FROM BUREAU EXCHANGE WHEREBY AN EQUIVALENT OF SUCH AMOUNT IS PAID BY AN THEIR AGENT IN UK INTO MY UK ACCOUNT WHILE I FUND THEM WITH OUR LOCAL EQUIVALENT. SEQUEL TO THE ABOVE, THE MONEY WHICH IS NOW IN MY UK ACCOUNT IS WHAT I WILL TRANSFER THROUGH ONLINE BANKING INTO BANKS IN CHINA(ESPECIALLY), SOMETIME UK OR US BANKS. IS THIS CONSIDERED AS MONEY LAUNDERING? I NEED MORE CLARIFICATION OF WHAT CONSTITUTE MONEY LAUNDERING AND WHAT OTHER CHARGES COULD BE TABLED AGAINST ME SUPPOSE I TRAVEL TO THE UK. THANKS
Expert:  Alice H replied 1 year ago.

My name is ***** ***** I am happy to help you today.

Expert:  Alice H replied 1 year ago.

What is the exact source of the money?

Customer: replied 1 year ago.
from Client who are currently businessmen whom we aim to procure products on their behalf especially China and few occasion UK,US. We are an E-commerce company also involved in 2) IT solution and Business Advisory 3) Procurement and Logistics.
Process: An equivalent amount of such money(e.g USD 10,000) is paid by a money exchange agent directly into my UK account while a local equivalent (Nigerian Naira) is paid into the money agent bank locally (Cheque). A receipt could be demanded if important for documentation and record purpose. The transaction has gone half-way.
On getting the money, I then proceed to transfer the money online to banks in China, US,UK but usually China.I hope this helps to clarify some perplexing issues. Thanks
Expert:  Alice H replied 1 year ago.

In the UK, the main legislation dealing with money laundering is the Proceeds of Crime Act 2002 which, in summary, states that it is illegal to conceal, arrange, acquire, use or possess criminal property. Criminal property is all forms of property including money which has been obtained as a result of criminal conduct e.g. the proceeds of criminal offences. So, if any of the money being transferred through the UK banking system is from the proceeds of crime the police or National Crime Agency may investigate the matter; any persons in the UK are then liable to prosecution if money laundering offences have been committed and property could be be confiscated. The authorities also have power to freeze bank accounts. And make restraint orders - but again these powers only apply within the UK.

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