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Poker Players Alliance Forums » Ask Skallagrim

1. HoldemEagle
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   Hi Skallagrim,

   I keep hearing posters on 2+2 talk about opening a foreign bank account to get around the UIGEA. Won't that be money laundering if you open an account in another country to get around US law? Couldn't you go to jail for that?

   I thought the transfers from the sites to the players was ok under the UIGEA. Is there any reason for banks to block transfers from the sites to the players?

   I miss the America of an individuals rights. This new view to sacrifice the individuals rights for the good of the community is really a dagger in the soul of America. Didn't work in Russia and won't work here.

   Eagle

   Posted 8 months ago #

2. Alexander Kelly
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   I think foreign bank accounts are the way to go. My current understanding of the UIGEA and poker law is that online poker is not illegal. What will become illegal about it on Dec 1 is that you can not use a U.S. Bank or U.S. money processors to deposit or withdraw money to and from the poker sites. So if you use a foreign bank you should be good to go.

   I don't think money laundering applies here because the money never travels through the U.S. and you are not hiding anything.

   Overseas and offshore bank accounts have a bad reputation because of its association with drug dealers, arms dealers, and tax evaders. But in reality, there aren't any rules against it and as long as you report income and interest earnings to the IRS the U.S. can't find you in the wrong for anything. Besides the obvious poker advantages you can find higher interest rates for you money than what you can state side. Just be aware the money you keep outside the U.S. isn't going to be insured by the U.S. government. If the bank fails, your money might disappear with it.

   If anyone has better information than this please post as I would like to hear everyone's thoughts on this matter as well. I am not a legal expert and wouldn't mind hearing a reply from someone who is.

   Posted 8 months ago #

3. HoldemEagle
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   Thanks rexespn, I like your answer. So it would really be US banks blocking legal poker transfers that we would be getting around.

   I think the DOJ still says Online Poker is illegal. I hope the DOJ is proven wrong soon.

   Posted 8 months ago #

4. Skallagrim
   State Director & Moderator
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   Opening a foreign bank account is perfectly legal.

   And it certainly would make cashing out and depositing to that account a much more reliable action.

   There are a number of concerns, however. Its not as easy to open a foreign account as you think. The banks that do make it easy for you generally charge you a lot for that convenience. Foreign bank accounts, under certain circumstances, must be reported to the IRS and increase the risk of audit.

   And whether you use a foreign or domestic bank for your transactions, the legality of your play remains the same: depending on the outcome of various legal arguments, it either already is, or already is not, illegal, and it may well depend on the individual state you play from.

   But a Foreign account, if you are otherwise willing to pay the price, is a way of handling your money that would be exempt from UIGEA concerns at least between you and the site. And it is virtually impossible for your US bank to know where the money in your foreign bank came from nor what you are going to do with money you transfer to it. Nor are they legally required to block it by the UIGEA.

   Some banks, if they knew your exact scheme, may still decline you business. But they can't take your money, and no crime has occurred. But they may tell you to get an account elsewhere if they are obsessive about the whole thing or otherwise don't like you or your business.

   Skallagrim

   Posted 8 months ago #

5. HoldemEagle
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   I think I will avoid getting a Foreign account except as a last resort.

   Thanks Skallagrim

   Eagle

   Posted 8 months ago #

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