Suggestions for non-UK bank account usable in UK
Posted: March 6th, 2023, 5:57 pm
The Proceeds of Crime Act 2002 (POCA, Sections 335 to 336D under Part 7) prohibit the financial institution from carrying out a transaction until they have sought ‘Appropriate Consent’ from authorities. To do so without the appropriate consent the financial institution could be found guilty of a money laundering offence if it moves the ‘criminal property’ without requesting what is known as a Defence Against Money Laundering first. Financial institutions are also expected avoid alerting those being investigated.
Increasingly the bar of what banks interpret as being 'suspicious' is lowering, as 'suspicious' isn't defined in the Act and as such leaves financial institutes at risk of being found guilty as/when 'moving criminal property' may have occurred. Down to even small amounts, as money laundering for instance might involve lots of small transactions. Which leaves innocents more inclined to have their bank refusing to clear payments and being referred to the 'fraud team' and the plethora of questioning that can involve, and where their account may be frozen until either cleared or a set period of time having passed following reporting without a response having been received.
Has the pendulum for guilty until proven innocent, street camera's, tracking and financial activity monitoring .. swung just that too far?
What are the alternative options? If UK banks are increasingly becoming more constrained, where even small transactions are being blocked, can other countries banks/accounts that permit their debit cards to be used in the UK perhaps be a alternative option? Or is the push towards treating everyone like criminals - that is inclined to make individuals in return act more criminally, the new 'norm'. Street camera's, tracking, financial activities tracking ... and the entire UK has transitioned to being a Open Prison where everyone is assumed to be automatically guilty, unless and until proven otherwise.
Increasingly the bar of what banks interpret as being 'suspicious' is lowering, as 'suspicious' isn't defined in the Act and as such leaves financial institutes at risk of being found guilty as/when 'moving criminal property' may have occurred. Down to even small amounts, as money laundering for instance might involve lots of small transactions. Which leaves innocents more inclined to have their bank refusing to clear payments and being referred to the 'fraud team' and the plethora of questioning that can involve, and where their account may be frozen until either cleared or a set period of time having passed following reporting without a response having been received.
Has the pendulum for guilty until proven innocent, street camera's, tracking and financial activity monitoring .. swung just that too far?
What are the alternative options? If UK banks are increasingly becoming more constrained, where even small transactions are being blocked, can other countries banks/accounts that permit their debit cards to be used in the UK perhaps be a alternative option? Or is the push towards treating everyone like criminals - that is inclined to make individuals in return act more criminally, the new 'norm'. Street camera's, tracking, financial activities tracking ... and the entire UK has transitioned to being a Open Prison where everyone is assumed to be automatically guilty, unless and until proven otherwise.