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  #21  
Old 30.07.2014, 14:18
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Re: Please help : My father's funds are blocked, how to solve it?

Most definitely do not use the Lawyer that the financial manager recommended to you, as you will have to give him power of attorney to deal with your case
and if it is a scam, which chances are it is, you have just given him the power
to control your 2 million USD.
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  #22  
Old 30.07.2014, 14:22
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Re: Please help : My father's funds are blocked, how to solve it?

A friend of mine runs toledocapital.ch here in Zurich which is a Family office that manages High Net worth individuals assets.

He used to hold a hight job at UBS for a long time and still has many colleges there. Give him a call and I have no doubt he will be able to help.

[Contact me for more information]

Best of luck

Last edited by 3Wishes; 30.07.2014 at 15:40. Reason: removed personal details, please share via PM
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  #23  
Old 30.07.2014, 14:51
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Re: Please help : My father's funds are blocked, how to solve it?

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Agree. My father tried to put some money here but it was rejected as the sources (of course all legit ) were ex-EU. But they didn't take the money then hold it. They just declined to accept the transfer.
Hell, even my Swiss wife had to declare to Raiffeisen where the 100k she had transferred from UBS came from.

Tom
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Old 30.07.2014, 14:56
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Re: Please help : My father's funds are blocked, how to solve it?

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Hell, even my Swiss wife had to declare to Raiffeisen where the 100k she had transferred from UBS came from.

Tom
I once payed in 50 K in cash to my Kantonabank account, all in 1000 CHF notes, expecting in Switzerland that probably goes as small change and that nobody would raise an eyebrow. But not only did the cashier make me fill in a form explaining the origin of the money, but I received two follow-up calls in the next days from compliance bonzos asking for further details and I had to send in copies of documents to prove it.
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  #25  
Old 30.07.2014, 15:51
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Re: Please help : My father's funds are blocked, how to solve it?

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I once payed in 50 K in cash to my Kantonabank account, all in 1000 CHF notes, expecting in Switzerland that probably goes as small change and that nobody would raise an eyebrow. But not only did the cashier make me fill in a form explaining the origin of the money, but I received two follow-up calls in the next days from compliance bonzos asking for further details and I had to send in copies of documents to prove it.
I had similar issues when I sold my Viagra patent to Pfizer for 21.8 billion CHF. It seemed a good idea at the time to ask for it in cash (it was a hell of a party), but that's where the difficulties began.

When I paid it in to the Post Office they asked me where I got it, so I explained it was just from a drug sale.

I'm still having to do my day job, and it's been a while now since I heard anything back.
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  #26  
Old 30.07.2014, 16:59
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Re: Please help : My father's funds are blocked, how to solve it?

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I had similar issues when I sold my Viagra patent to Pfizer for 21.8 billion CHF. It seemed a good idea at the time to ask for it in cash (it was a hell of a party), but that's where the difficulties began.
I still did not receive my share from the heir that my late and distant relative aSwissInNigeria left me after he died so unexpecetly in a plane crash. So far I spent approx 100k on admin fees and so what.


On a more serious note: Here the Swiss Anti-Money Laundering Act in English. Answers most of OPs questions, most of them not to his likening.

If you suspect your financial advisor is bogus: Look if you can find it either on this lists or using this search box (Instructions).
PS: If on the list, it does not mean that they are reputable. Some may look up a "well known" company. Pas tout de verre de vin sont propre.
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Last edited by aSwissInTheUS; 30.07.2014 at 17:20.
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  #27  
Old 30.07.2014, 17:25
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Re: Please help : My father's funds are blocked, how to solve it?

Even the Swiss have to comply with the regulations. If I suddenly wanted to bring in a large sum of money (even much much smaller than the one you mentionned)- I'd have to state the exact source and prove it is legit.
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  #28  
Old 30.07.2014, 17:33
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Re: Please help : My father's funds are blocked, how to solve it?

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Even the Swiss have to comply with the regulations. If I suddenly wanted to bring in a large sum of money (even much much smaller than the one you mentionned)- I'd have to state the exact source and prove it is legit.
Existing long term clients will be able to transfer quite large sums, as the Bank should have an idea of the clients overall wealth, so you probably won't need to do anything.
I am aware of transactions bigger than the OP is talking about going through without a second blink, as the amounts are consistent with info the bank holds.
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  #29  
Old 30.07.2014, 17:57
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Re: Please help : My father's funds are blocked, how to solve it?

How long ago was that though? Things have changed quite a bit recently with Swiss Banks. Of course Swiss residents also have to answer to tax office.
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  #30  
Old 30.07.2014, 18:15
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Re: Please help : My father's funds are blocked, how to solve it?

To ease all of you guys work load, just send the money into my account
and I will be happy to go through the compliance myself
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  #31  
Old 30.07.2014, 18:21
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Re: Please help : My father's funds are blocked, how to solve it?

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How long ago was that though? Things have changed quite a bit recently with Swiss Banks. Of course Swiss residents also have to answer to tax office.
Very recent.
The tax office has nothing to do with it & Swiss Banks don't communicate with the tax office as its a criminal offence to do so. In any case just declaring something to the tax office does not mean the source of the money is clean.
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  #32  
Old 30.07.2014, 18:24
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Re: Please help : My father's funds are blocked, how to solve it?

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Existing long term clients will be able to transfer quite large sums, as the Bank should have an idea of the clients overall wealth, so you probably won't need to do anything.
I am aware of transactions bigger than the OP is talking about going through without a second blink, as the amounts are consistent with info the bank holds.
True. There are no hard and fast rules from FINMA. FINMA's AML rules place the onus on the financial institution and their idea of reasonableness - conveniently leaves FINMA blame-free in any scenario.
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  #33  
Old 31.07.2014, 13:39
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Re: Please help : My father's funds are blocked, how to solve it?

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...he made sufficient money in his career, so he planned to find one qualified financial advisor to help him for his rest life on further wealth management...After a long survey, we finally picked one asset management company whose CEO is a Swiss citizen. The CEO also suggested my father to participate in their private placement in Swiss platform and promised us with high yield return.
The asset management company asked my father to open a new account in one Swiss private bank, but the account actually is link to UBS AG....One month later, my father transferred USD$2M to this account, it was Jan-2014.The asset management company should start trading as soon as my father’s funds credited to this account, but ...
You haven't named the financial advisory company (if you have one) or asset management company or private bank. If you haven't done so already, you can check if any of them are registered in Switzerland by putting the business name in here. If they are, there will be a link to a certificate which, if you open and scroll down to the bottom, will show the names of the people involved. Googling the names might lead you to more information. The registration details of the company website(s) can also be checked here, where it will show you when the site was registered and who set it up. If it's a fairly recent website and is registered to an anonymous host, that should ring warning bells.

If you are receiving all your information from the asset management company, they could be telling you anything or even sending you fake documents purportedly from other sources. Unless you have contacted UBS independently, you won't know for sure whether they have a problem with your money.
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  #34  
Old 01.08.2014, 09:15
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Re: Please help : My father's funds are blocked, how to solve it?

No sign of the OP since his first post
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  #35  
Old 01.08.2014, 11:16
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Re: Please help : My father's funds are blocked, how to solve it?

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No sign of the OP since his first post
Which smells of a half-cocked attempt at some sort of scam...
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  #36  
Old 01.08.2014, 11:49
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Re: Please help : My father's funds are blocked, how to solve it?

I love this site, someone comes on with a half cocked bullshit story and gets loads of serious replies .. EF at its finest.
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  #37  
Old 01.08.2014, 12:22
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Re: Please help : My father's funds are blocked, how to solve it?

Yep
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  #38  
Old 01.08.2014, 19:00
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Re: Please help : My father's funds are blocked, how to solve it?

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Given the restrictions in moving money out of China, I am not surprised that your father is having problems.

Are you 100% sure that this is not a scam? Given that the 'investment bank' is handing things with their own lawyer and the money has been moved multiple times, I would be getting a Taiwanese lawyer and accountant to double-check everything that has been done so far, to see where it has gone wrong...

Ps. Do you want to tell us the name of the private bank in Switzerland and I am sure we can verify your story. Has your father actually dealt directly with UBS?
Hi, swisspea
This private bank is Sigla Asset Management Trust S.à.r.l..
Off course we are afraid this is a scam, that is the reason why I posted my father's story here.
Thanks for your comment.
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  #39  
Old 01.08.2014, 19:31
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Re: Please help : My father's funds are blocked, how to solve it?

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Hell, even my Swiss wife had to declare to Raiffeisen where the 100k she had transferred from UBS came from.

Tom
Did she reply "UBS"?

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I love this site, someone comes on with a half cocked bullshit story and gets loads of serious replies .. EF at its finest.
Ah, but there are a couple of lovely frivolous ones.
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  #40  
Old 01.08.2014, 20:09
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Re: Please help : My father's funds are blocked, how to solve it?

I think they just financed the next Zurich Stadt New Years Eve fireworks show. What can you do? just make sure you go there and enjoy the fireworks, or?
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