Withdrawing cash in large amounts

[Liam13]

Hello everyone,
As I explained here ( Bypassing capital control), I am getting a relatively large amount from selling a plot (legit and provable source).
The only way is to withdraw cash and do a P2P exchange to crypto. I have been very concerned about the crypto part and how to justify it later for my EU bank (thanks again for everyone who chimed in!!) but my blind spot has been that withdrawing the cash might not be easy in the first place. It is coming from a sale of a land, and the buyer is transferring the money to the bank ( so far so good, no AML issue). I have already withdrawn the equivalent of 20k and have exchanged them with no issue into USDT through a P2P guy. BUT, I am now concerned that by withdrawing 10k-20k (or more) in cash every month, this might trigger a report and freeze. The bank might ask me for a justification (why such amount in cash on a regular basis) and might freeze my account.
These are the options I;ve identified (not mutually exclusive) to try to walk around it:
- split the money across 3-4 banks
- withdraw lower amounts (but it might take me 5 years...)
- mention reasons like "I am renovating my house" or " I want my money to be in cash in case" (however, this might not prevent the trigger or the freezing)
I would be very grateful to get your view? Is the above a legit concern?
At the end, the source is clean, and it is MY money, but I am also not surprised they suspect something shady and try to interfere...
Thanks a lot!!!

 

[wellington]

Liam13 said:
The only way is to withdraw cash and do a P2P exchange to crypto. I have been very concerned about the crypto part and how to justify it later for my EU bank (thanks again for everyone who chimed in!!) but my blind spot has been that withdrawing the cash might not be easy in the first place. It is coming from a sale of a land, and the buyer is transferring the money to the bank ( so far so good, no AML issue). I have already withdrawn the equivalent of 20k and have exchanged them with no issue into USDT through a P2P guy. BUT, I am now concerned that by withdrawing 10k-20k (or more) in cash every month, this might trigger a report and freeze. The bank might ask me for a justification (why such amount in cash on a regular basis) and might freeze my account.
Click to expand...

Why would they? you have proof of source, and the funds are legally yours.

Whether you are buying a car, a whore, or a hoover, you've legal right to the funds based on what you've said above.

Note, it appears it is the IMF pushing the capital controls on Tunisia to encourage localised investment... (something just read).

Ultimately... bitget is available in Tunisia, and they sell bitcoin, i'd deduce bitcoin is therefore legal in tunisia.

Therefore if you want to hold Bitcoin as an asset (*p2p or exchange bought*) that is completely legal, therefore if the case bitcoin is everywhere but nowhere...

Also USDT is completely legal in Tunisia.

Though one thing i'd be concerned with holding USDT, With USDC, you are covered by US legal system, where as USDT isn't and that's why you see so many USDT freezes (some innocent parties) as the US Gov has to go through the legal route to get a freeze of USDC (say you get funds whereby 10$ is tainted) whereas with USDT its a bypass and phone call.

Have the law/order process protect you

One other thing... laws are usually clear, Tunisia, capital controls are about 'cash', and 'bank transfers'.

I imagine just skimming the legal docs about it, that it hasn't updated the law in respect of Cryptocurrency... therefore there is this grey spot (hence Bitget Crypto exchange operates there selling crypto - bitcoin/usdt etc).

And likewise Bitcoin/USDT is legal...

Also see this.
https://www.reddit.com/r/Tunisia/comments/14p1mj1/is_cryptocurrency_still_illegal_in_tunisia_i_need

No laws so like the US, make up case by case.

Last edited: Feb 5, 2024

 

[Liam13]

Thank you for chiming in as usual!
- Crypto in Tunisia: it is very gray if not banned. I had to be coopted to be able to buy USDT (or crypto) as some have been arrested before. If I tell the bank it is to buy crypto, I will be reported for sure. There is no legal or licensed crypto exchange there, it is all done through drak groups on facebook, telegram etc. In any case that whole part is now being figured out, and I can easily swap USDT to USDC or others.
- Withdrawal in large amount: That's what is keeping me awake at night, as I read online that the "best practices" is to start monitoring an account and suspect terrorism financing once a user start withdrawing large amount of cash...

 

[wellington]

Bitget is legal there (that's an exchange)... so i am somewhat confused.

As for your circumstances, i doubt anyone will advise, because you know you are violating capital controls (the intention) but in reality (as discussed previously) in the West the states turn a blind eye to peasants withdrawing their life savings/inheritance from despot regimes.

The twist here ofcourse is -as learned- an edict from the IMF (aka the US, EU, UK).

As also discussed there are exchanges legally operating in Tunisia, grey maybe but they are operating and have financial rails.

So it shouldn't be illegal.

Also why care about being flagged in the west as Finacial terrorism - you've got the paperwork worst case your funds get frozen for a short period whilst you provide documentation.

If you mean in Tunisia that's definitely a possibility but unlikely as the bank should be aware where the funds are sourced (inheritance) and you said you'd paid tax already.

Personally think you are overthinking a non-issue.

As for AML in Europe nearly all transactions are monitored for AML these days like very low figures even under Mica

Last edited: Feb 5, 2024

 

[Liam13]

Thank you,
No Bitget is not legal. It might show on google search but it is not. Binance even allows for P2P in Tunisian dinars, but it is not legal.
"Nine developing countries, namely, Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar and Tunisia, have banned cryptocurrencies outright" https://unctad.org/system/files/official-document/presspb2022d8_en.pdf.
I was referring to banks in Tunisia flagging me for financing terrorism, because of large amount of cash withdrawals --> freezing the account in Tunisia. Also, capital controls in Tunisia have been in place for the past 60 years, for lack of hard currencies, like 90% of low income/middle income countries.
My question was about large cash withdrawal from banks and whether you have any experience with it? (legality of crypto and capital controls were extensively discussed in our previous thread 🙂)
Thanks!

 

[wellington]

I don't have issues with withdrawals nope.
I have a good relationship with my banks, and have documentation.

Can't input there.

Speak to a local lawyer/accountant.

 

[Rome]

What's the reason for moving everything to crypto?

 

[Liam13]

Rome said:
What's the reason for moving everything to crypto?
Click to expand...

bypass capital controls