Withdrawing cash in large amounts

Liam13 said:

The only way is to withdraw cash and do a P2P exchange to crypto. I have been very concerned about the crypto part and how to justify it later for my EU bank (thanks again for everyone who chimed in!!) but my blind spot has been that withdrawing the cash might not be easy in the first place. It is coming from a sale of a land, and the buyer is transferring the money to the bank ( so far so good, no AML issue). I have already withdrawn the equivalent of 20k and have exchanged them with no issue into USDT through a P2P guy. BUT, I am now concerned that by withdrawing 10k-20k (or more) in cash every month, this might trigger a report and freeze. The bank might ask me for a justification (why such amount in cash on a regular basis) and might freeze my account.

Why would they? you have proof of source, and the funds are legally yours.

Whether you are buying a car, a whore, or a hoover, you've legal right to the funds based on what you've said above.

Note, it appears it is the IMF pushing the capital controls on Tunisia to encourage localised investment... (something just read).

Ultimately... bitget is available in Tunisia, and they sell bitcoin, i'd deduce bitcoin is therefore legal in tunisia.

Therefore if you want to hold Bitcoin as an asset (*p2p or exchange bought*) that is completely legal, therefore if the case bitcoin is everywhere but nowhere...

Also USDT is completely legal in Tunisia.

Though one thing i'd be concerned with holding USDT, With USDC, you are covered by US legal system, where as USDT isn't and that's why you see so many USDT freezes (some innocent parties) as the US Gov has to go through the legal route to get a freeze of USDC (say you get funds whereby 10$ is tainted) whereas with USDT its a bypass and phone call.

Have the law/order process protect you

One other thing... laws are usually clear, Tunisia, capital controls are about 'cash', and 'bank transfers'.

I imagine just skimming the legal docs about it, that it hasn't updated the law in respect of Cryptocurrency... therefore there is this grey spot (hence Bitget Crypto exchange operates there selling crypto - bitcoin/usdt etc).

And likewise Bitcoin/USDT is legal...

Also see this.
https://www.reddit.com/r/Tunisia/comments/14p1mj1/is_cryptocurrency_still_illegal_in_tunisia_i_need

No laws so like the US, make up case by case.

Last edited: Feb 5, 2024

Bitget is legal there (that's an exchange)... so i am somewhat confused.

As for your circumstances, i doubt anyone will advise, because you know you are violating capital controls (the intention) but in reality (as discussed previously) in the West the states turn a blind eye to peasants withdrawing their life savings/inheritance from despot regimes.

The twist here ofcourse is -as learned- an edict from the IMF (aka the US, EU, UK).

As also discussed there are exchanges legally operating in Tunisia, grey maybe but they are operating and have financial rails.

So it shouldn't be illegal.

Also why care about being flagged in the west as Finacial terrorism - you've got the paperwork worst case your funds get frozen for a short period whilst you provide documentation.

If you mean in Tunisia that's definitely a possibility but unlikely as the bank should be aware where the funds are sourced (inheritance) and you said you'd paid tax already.

Personally think you are overthinking a non-issue.

As for AML in Europe nearly all transactions are monitored for AML these days like very low figures even under Mica

Last edited: Feb 5, 2024

I don't have issues with withdrawals nope.
I have a good relationship with my banks, and have documentation.

Can't input there.

Speak to a local lawyer/accountant.

What's the reason for moving everything to crypto?