
01-16-2007, 03:37 PM
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Join Date: Aug 2006
Posts: 32
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Foreign bank accounts with no interbank connections
Regarding the Neteller announcement, there was a spot that stuck out to me in which parts of the Patriot Act was quoted:
Quote:
Section 319(b) of the Patriot Act allows US courts to seize funds in a US account if those funds are held for a non-US bank or financial institution, where the non-US bank or financial institution has received funds that originate from criminal activity, in its non-US bank accounts;
"For the purpose of a forfeiture under this section or under the Controlled Substances Act (21 U.S.C. 801 et seq.), if funds are deposited into an account at a foreign bank, and that foreign bank has an interbank account in the United States with a covered financial institution (as defined in section 5318(j)(1) of title 31), the funds shall be deemed to have been deposited into the interbank account in the United States, and any restraining order, seizure warrant, or arrest warrant in rem regarding the funds may be served on the covered financial institution, and funds in the interbank account, up to the value of the funds deposited into the account at the foreign bank, may be restrained, seized, or arrested."
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If I read that correctly, it means that if you are a US citizen and you use a US based or a foreign bank account (such as a Canadian bank account) to hold your earnings from gambling, the US government can seize that account as long as the bank you are using has a connection to the US.
That is scary as hell to me. I am in the process of getting a Canadian bank account just for the gambling.... But that may no longer be an option.
Surely there are foreign bank alternatives that do not have US interbank connections that a US citizen can sign up for. I've done some research online, but the term interbank seems to be rather generic, there are a lot of online banking companies using similar names, so it's hard to pinpoint any useful information.
Does anyone know or any good alternatives?
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