Effective 1st March 2007, all Out-Going Money Transfer for investors from South America, Africa, Cyprus, Russia, Turkey, Syria and Indonesia must go to their own country’s local bank, in local currency. Other countries are not affected. For example, Russian Investors will receive Russian Rubles equivalent to the amount in United States Dollar which they withdraw. Brazilian will receive Reais while Indonesian will receive their payment in Rupiah. Investors from these countries are no longer allowed to withdraw their Swiss e-point/money into a foreign country nor are they allowed to receive payment in United States Dollar (USD).
This enforcement is as a result of stricter monetary policy strongly suggested by our Financial Regulators in various markets in order to curb money-laundering related activities by SwissCash Investors in these countries. The countries mentioned above has long history of money-laundering related financial activities and this management do not wish to be involved or seems to be involved in encouraging or facilitate such transactions.
In actual fact, investors from these countries have been doing a very high number of suspicious cross border transactions since 2005, often into third party bank accounts in huge amount. Due to this, the management upon recommendation from Regulators has decided on implementing this measure with immediate effect. The measure taken is fair because it helps to protect this financial platform and it does not limit investors to withdraw any amount of money, so long as they are paid in their own local currency to their local banks.
We thank you for your understanding and support.
Chief Financial Officer