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bigduckontax, Accountant
Category: Tax
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what are the laws governing the transfer of large sums between

Customer Question

what are the laws governing the transfer of large sums between countries
Submitted: 4 years ago.
Category: Tax
Expert:  bigduckontax replied 4 years ago.
Hello, I'm Keith and happy to help you with your question.

Could you please advise the countries involved?
Customer: replied 4 years ago.

USA / UK / North Cyprus

Expert:  bigduckontax replied 4 years ago.
At present these countries do not appear to be operating exchange controls. However, you will doubtless have seen from the media much publicity on money laundering. Whilst exchange controls per se do not exist the transfer of any substantial sum will attract attention and an investigation may follow. It is therefore imperative that a record is maintained of the source of funds and any reason for a transfer be kept in that event.

I do hope I have been of some help.