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  #26  
Old December 4, 2012, 10:48 AM
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Quote:
Originally Posted by layperson
i know of people who have transferred over 1.5 milllion dollars each by paying someone in bd with equivalent bdt and the contact here in canada transferring the 1.5 million dollars to their canadian bank account. They dont do this in one transaction but do them in multiple transactions. Maybe a few hundred thousand at a time.
During these days, you could run into problems with the federal government for doing this as well. You might be required to show proof of the source of money again. Talking to an accountant here might be a good idea before the actual transfer.
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  #27  
Old December 4, 2012, 12:22 PM
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Quote:
Originally Posted by layperson
i know of people who have transferred over 1.5 milllion dollars each by paying someone in bd with equivalent bdt and the contact here in canada transferring the 1.5 million dollars to their canadian bank account. They dont do this in one transaction but do them in multiple transactions. Maybe a few hundred thousand at a time.
That's called money laundering, and to the best of my knowledge that's illegal.

Unless, Z wants to know about illegal methods as well.
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  #28  
Old December 4, 2012, 02:07 PM
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Quote:
Originally Posted by layperson
i know of people who have transferred over 1.5 milllion dollars each by paying someone in bd with equivalent bdt and the contact here in canada transferring the 1.5 million dollars to their canadian bank account. They dont do this in one transaction but do them in multiple transactions. Maybe a few hundred thousand at a time.
A lesson to you and a lesson to everyone living in US:

Any amount of over $10k per month, wire transfer trigger's a FBI alert (from one personal account to another personal). Businesses are different.

Zee, must plan ahead and break it up in pieces over months.
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  #29  
Old December 4, 2012, 05:00 PM
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Quote:
Originally Posted by shuziburo
During these days, you could run into problems with the federal government for doing this as well. You might be required to show proof of the source of money again. Talking to an accountant here might be a good idea before the actual transfer.
Quote:
Originally Posted by Kabir
That's called money laundering, and to the best of my knowledge that's illegal.

Unless, Z wants to know about illegal methods as well.
Quote:
Originally Posted by Tigers_eye
A lesson to you and a lesson to everyone living in US:

Any amount of over $10k per month, wire transfer trigger's a FBI alert (from one personal account to another personal). Businesses are different.

Zee, must plan ahead and break it up in pieces over months.
@ Kabir: That is not money laundering. Please look up the definition. For reference here is the definition based on the federal government watchdog: http://www.fintrac.gc.ca/fintrac-can...argent-eng.asp Nije dui number boile shobaike dui number mone kora to thik nah.

@shuziburo and Tiger eye: I work in a bank so I am well are of these. Any transactions over $10k are reported but not all transactions are investigated. They are investigated if it is suspicious.

Problem is shobai assume kore nichche je taka gula illegal means e kamano hoise. but that is not the case. The money is legal, the source can be verified as a legal means. The only reason those individuals sent money that way was because of the stringent bangladesh bank laws governing foreign currency. Also zeeshan's opening post said that it is all legal money he wants to transfer so there is no problem in sending it with the method I mentioned. If investigated he will show the legal source of the funds.
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  #30  
Old December 4, 2012, 07:21 PM
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send it to me and i'll forward it
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  #31  
Old December 5, 2012, 01:28 PM
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Quote:
Originally Posted by layperson
@ Kabir: That is not money laundering. Please look up the definition. For reference here is the definition based on the federal government watchdog: http://www.fintrac.gc.ca/fintrac-can...argent-eng.asp Nije dui number boile shobaike dui number mone kora to thik nah.
Personal attack korar dorkar chilo na. Since tumi amake dui number dakteso, eitar evidence dekhaileo better hoito. But I digress...

Thanks for "educating" me on the definition of money laundering. Coz you've simply proved me right. Here's a clearer description.

Quote:
Money laundering is the process of concealing the source of money obtained by illicit means.
Source: http://en.wikipedia.org/wiki/Money_laundering

Basically, it's anything you do to conceal an illegal transaction/trade. The method you mentioned in your earlier post is at best "illegal" because it bypasses the "legal" process of sending the money outside of Bangladesh. If you can show me evidence that the Bangladeshi government considers this as a "legal" way of transferring money, please share.
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  #32  
Old December 5, 2012, 03:35 PM
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Quote:
Originally Posted by Kabir
Personal attack korar dorkar chilo na. Since tumi amake dui number dakteso, eitar evidence dekhaileo better hoito. But I digress...

Thanks for "educating" me on the definition of money laundering. Coz you've simply proved me right. Here's a clearer description.


Source: http://en.wikipedia.org/wiki/Money_laundering

Basically, it's anything you do to conceal an illegal transaction/trade. The method you mentioned in your earlier post is at best "illegal" because it bypasses the "legal" process of sending the money outside of Bangladesh. If you can show me evidence that the Bangladeshi government considers this as a "legal" way of transferring money, please share.
Once again you are forgetting that money laundering has to do more with illegally earned money.

Let me dumb it down further what I advised zeeshan: Person A pays person B money in Bangladesh. This transaction cannot be deemed illegal unless the sources of the money is illegal. I hope you agree this much.

Person B pays money to person A in USA. This transaction in itself is not illegal unless the money is earned illegally by person B. If the source of the money is legal then these two transactions cannot be deemed illegal from any angle. I am not a law expert but common sense says it cannot be.

These two transactions are not exactly transferring funds from one country to another. If you can show me that any government would deem any of these transactions as illegal then I would agree that it is money laundering provided the funds were earned illegally in the first place.
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  #33  
Old December 5, 2012, 10:28 PM
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^ I think you are mistaken here in that it may not be easy to get away with not paying a hefty amount in taxes. So I'd also suggest consulting an experienced accountant. Unfortunately, whether we like it or not the government feels they have the right to track any significant amount of money we earn or transact for three primary reasons- so they can tax us on the portion that's taxable, identify fraud or money laundering, identify terrorist financing.

According to the bank secrecy act (laws contained in section 5311 through 5332 of Title 31 of the United States code), any cash transaction in excess of $10,000 must be reported on a Currency Transaction Report (CTR), identifying the individual making the transaction as well as the source of the cash. Refer to the United States section on this page.
These days as soon as a transaction in excess of $10,000 takes place, a CTR is issues electronically. If there’s any suspicion about the source it gets reported in the Suspicious Activity Report (SAR).

Even for businesses, any transaction above $10,000 must be notified to the govt by filling out IRS form 8300, whether it was earned legally or not. You can see this in the "Who must file" section under "General instructions"--
Each person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file Form 8300.

The penalty for violating such rules could be extremely severe. See the penalties section under "General instructions"--
These violations may also be subject to criminal prosecution which, upon conviction, may result in imprisonment of up to 5 years or fines of up to $250,000 for individuals and $500,000 for corporations or both.

I can understand where you're coming from as you work for a large bank. I've also worked on m&a deal teams and seen hundreds of millions of dollars transferred via wire with the click of a button. But you have to keep in mind these banks have their own regulatory divisions, which in turn constantly interact with the SEC and have frameworks in place that monitor these transactions. On top of that you have both internal and external auditors going through a large number of these transactions (including anything that might arouse suspicion) on a regular basis to identify irregularities.
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  #34  
Old December 5, 2012, 11:10 PM
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Bottom line - as soon as you report it to IRS, it's taxable
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  #35  
Old December 5, 2012, 11:30 PM
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maaaf chai bhais....amar bari kinar haush mitte gese.....maaf chai....tar chete garite ghumanoi bhalo...:p

On a serious note thanks zaman bhai for the info. Still processing it.
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  #36  
Old December 5, 2012, 11:52 PM
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areh bhai advisory fee na diye koi jaan? my fee structure is double lehman
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  #37  
Old December 5, 2012, 11:58 PM
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zeeshan still didn't answer the real question. Eto taka paiche koi? who is giving u this money? or are you tryikng to tell banglacricket you are not exactly as poor as we think you are.

And zeeshan is a bhodai.... if the whole purpose is to buy a house... why do you need 100K at the same time? Tumi ki ek million dollar er bari kintacho ?

Figure out a way to bring in close to 10k at once, then repeat the process 10x.


I bet Munia (the girl from that british shampaan documentary) makes more money than zeeshan.
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  #38  
Old December 6, 2012, 12:01 AM
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Quote:
Originally Posted by zman
areh bhai advisory fee na diye koi jaan? my fee structure is double lehman
right, few more atels like you and you could form a company call lehman brothers.. with many successes cough cheats cough to come.
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  #39  
Old December 6, 2012, 12:01 AM
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Often I hear BD families selling properties and migrating to Canada/US. I wonder how those families take the money?
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  #40  
Old December 6, 2012, 12:05 AM
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they don't take the money. they spend it on plane fare and trying to get the visa. and nothing is left after that.


also when you are with family, each person can i think carry upto that 10k amount. 7 member family and you will be looking in your lungi knot to collect enough money..
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  #41  
Old December 6, 2012, 12:05 AM
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suitcasey shelai kore??
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  #42  
Old December 6, 2012, 12:09 AM
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Quote:
Originally Posted by iDumb
they don't take the money. they spend it on plane fare and trying to get the visa. and nothing is left after that.


also when you are with family, each person can i think carry upto that 10k amount. 7 member family and you will be looking in your lungi knot to collect enough money..
I thought people would look to take savings with them to last at least six months - one year period over there. Otherwise how do they make down payments on car, house etc after landing in Canada/US?
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  #43  
Old December 6, 2012, 12:17 AM
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Jadukor bhai, i think you should stop talking now. You are detached from reality my friend. .... why would anyone buy a house or buy a car first thing in a foreign land?? stop talking rubbish...

Immigrant land here to make money.. that's their only objective... and that's what they do. They don't plan their retirment ok?

Do YOU have enough savings to last a year? Jesus!!
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  #44  
Old December 6, 2012, 12:37 AM
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Quote:
Originally Posted by Jadukor
I thought people would look to take savings with them to last at least six months - one year period over there. Otherwise how do they make down payments on car, house etc after landing in Canada/US?
Jadukor bhai no ones buys house or car right after getting here. People that come here as immigrant first stay with their relative for a while and than move out and rent their own place. If someone came from BD just few months ago they have no credit history. Banks won't give them any loans for car or house. Plus if you settle in big cities like NY, Boston, DC they have good transportation system so you don't need a car.

I don't get why giving someone money here, and someone paying people in BD on your behalf can be considered a criminal act. I already paid my tax when I earned the money here to begin with. You are suppose to pay tax/fee when you are taking the money outside the country. But in this instance money is not leaving the country, its just exchanging hands.
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  #45  
Old December 6, 2012, 01:04 AM
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Quote:
Originally Posted by iDumb
Jadukor bhai, i think you should stop talking now. You are detached from reality my friend. .... why would anyone buy a house or buy a car first thing in a foreign land?? stop talking rubbish...

Immigrant land here to make money.. that's their only objective... and that's what they do. They don't plan their retirment ok?

Do YOU have enough savings to last a year? Jesus!!
iDumb bhai... if you don't have savings for a year that's fine, chill...Jesus still loves you! but plz don't take that frustration out on me!

I am not talking about fresh graduates moving there to seek a new life... Obviously when you are a student or a just joined work you would not be looking at buying house/cars etc. I am talking about the wealthy people here in BD deciding to sell their Gulshan/Banani properties and settling in Canada/US
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  #46  
Old December 6, 2012, 01:20 AM
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After doing some research, I'm starting to think you may be able to get away with not paying taxes if you can claim it as a gift from a relative who is not a US resident and file Form 3520.

If the relative is a US resident, then he/she may have to pay taxes.
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  #47  
Old December 6, 2012, 03:34 AM
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good thread, but only one answer: There is no legal way to take out the whole amount of money from Bangladesh

Bangladesh Bank does not such want such a huge amount of Money to leave Bangladesh, so they have all sorts of restrictions in place.

Will elaborate later.
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  #48  
Old December 6, 2012, 03:51 AM
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Quote:
Originally Posted by iDumb
And zeeshan is a bhodai.... if the whole purpose is to buy a house... why do you need 100K at the same time? Tumi ki ek million dollar er bari kintacho ?
Homie we are talking California here, not your suburbs of Jackson Heights. 300k r niche kono house nai kothau. Unless you want to remodel them.

And besides it's not be under my name. TMI but I terminated like eight contracts and my credit is in the drain.

I will prolly buy under my mommy's name or my brand new g/fs name.
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  #49  
Old December 6, 2012, 04:26 AM
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Quote:
Originally Posted by Zeeshan
Homie we are talking California here, not your suburbs of Jackson Heights. 300k r niche kono house nai kothau. Unless you want to remodel them.
Hmm that's about 9 million Baht. You could buy a really luxurious property with that kind of money here in Thailand. I recently bought a house (200 sq m) for 140K.
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  #50  
Old December 6, 2012, 04:45 AM
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Quote:
Originally Posted by Jadukor
Hmm that's about 9 million Baht. You could buy a really luxurious property with that kind of money here in Thailand. I recently bought a house (200 sq m) for 140K.
The only time I lived in a city where 300K gave you something was Austin. Other than that I lived in Stamford, NYC, San Diego. Our house in San Diego was 1/3 the size of our house in Austin at about 3 times the price. And now, here, 140K won't even get you a car.

http://mobile.bloomberg.com/news/201...-u-s-home.html

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