I need the read the comments of this blog's gurus.
We have been receiving, in our emails, offers from brokers where they claim to be able to place us into trade with only a SWIFT MT799 where the bank agrees to not allow us to move funds for one year and one month. The brokers call it, "blocked funds" by having a prime bank (Citibank / Chase / Wells Fargo / Barclays / Deutsche Bank / Banco Santander / Bank of America / Credit Suisse / et cetera), issue a bank to bank SWIFT MT799 and agree to not allow us to move the funds for the period of 1 year and 1 month.
The potential investor (us) must: 1. Have at least US$100M 2. Provide CIS / KYC 3. Provide BCL signed by two senior bank officers 4. Provide POF 5. Have at least one humanitarian project (our specialty!!)
So, our question is, Is This Possible? Or, is this another joker-broker offer with the sole purpose to have us waste our time?
Post by Sapphire Capital on Apr 19, 2021 4:01:22 GMT 4
First of all, since most SWIFT messages are standardized they convene a legal forum and establish a trusted format, that does not apply to any of the 99 messages, meaning 199,299,399,499,599,699,799 etc are free format messages and as such you can write whatever you want, even: My Dog for President. Thats why those messages are not legally binding without further comfirmation and references. Some banks have specifics in their Nostro Contracts which can make the message binding but thats only a reflex from the contract the message refers to. That is why a MT799 as such is an unlikely candidate for an investment activity
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