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Ask David Weilbacher, Esq. Your Own Question
David Weilbacher, Esq.
David Weilbacher, Esq., Attorney
Category: Business Law
Satisfied Customers: 335
Experience:  Criminal & Civil Litigation, Estate Planning, Probate, and Bankruptcy
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I do not see any International Banking Law Attorneys listed.

Customer Question

I do not see any International Banking Law Attorney's listed. When collecting a contract funds from say Africa, can fees be withheld from the proceeds or do the fees need to be paid before the proceeds are released?
Submitted: 8 years ago.
Category: Business Law
Expert:  David Weilbacher, Esq. replied 8 years ago.
Hi. I would like to help you, but I need additional information. What type of transaction are you contemplating?
Customer: replied 8 years ago.
Transaction has already been exercised. I am working on receiving payment. I am being told that I have to pay taxes on the contract amount that cannot be deducted from the contract amount
Expert:  David Weilbacher, Esq. replied 8 years ago.
What country is the bank you are dealing with located in?
Customer: replied 8 years ago.
Sending Bank is in Lagos, Nigeria, Union Securities, Ltd. They say that their correspondent bank is The Royal Bank of Canada, which is where, they claim, my funds are on hold, while I am to be making arrangements to pay taxes on the fund amount for 2008.
Expert:  David Weilbacher, Esq. replied 8 years ago.
Did you receive an unsolicited email requesting your assistance in facilitating the release of assets from an estate or some other account?
Customer: replied 8 years ago.
Expert:  David Weilbacher, Esq. replied 8 years ago.
I will just say that I know of no bank that requires you to advance any fees before funds are released. Typically, any fees are deducted from the account proceeds. There are many scams that originating out of Nigeria involving international banking and a request that funds be advanced from the US "mark" before a large sum of money can be released from some account. Be sure to do your homework before you send any money. At the very least, insist that any funds you agree to advance be placed in escrow, only to be released after subject funds are released and confirmed to have been received by your American bank.

Please press the GREEN "ACCEPT" button so proper credit is provided for your Answer. Thank you and have a good day. This answer is made available by the lawyer for educational purposes only. It is also to give you general information and a general understanding of the law. This website is not intended to give you specific legal advice. By using or participating in this site you understand that there is no attorney client privilege between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. We attempt to provide quality information, but the law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance.

Customer: replied 8 years ago.
Thank you for your above answer. I am quite familiar with the numerous scams orignating from Nigeria.

The challenge I have is that I actually completed renovations over a 2 year period at Port Harcourt, Nigeria, which is a port where oil is received and shipped from. I have contract documents, letters of completion and so forth. I have made requests to have any fees deducted from the proceeds with the response being that the rules and policies of the Nigerian Government are that earnings that are taxed or any other related fees cannot be deducted from the proceeds as in the United States and some other countries.     
Expert:  David Weilbacher, Esq. replied 8 years ago.
As long as you are aware of the scams; that was my primary concern. I will opt out so that another expert can address this matter with you. Good luck. I hope you get the information you are seeking.

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