Quote:
Originally Posted by Madison Poker
In those 2 years, it was always my understanding based on both the laws in Aruba and in the United States, that the PPC would pay up to $10,000 of all players earnings on the spot ($10K being the amount that a person may carry into the US without having to declare anything).
...
it usually took 15-20 business days for money to be cleared by the Aruban Government and that payouts should occur shortly.
...
If any of you have ever dealt with a foreign government, you'll know that 15-20 business days could easily be an estimate and that time frame could vary from year to year.
Here's a wacky idea; Don't hold a poker tournament in a country where you can't pay the winners immediately upon their win. (If that's really the case.)
This has nothing to do with US laws. If you bring in more than $10k, you have to fill out a form. If you don't want to fill out the form, that's a different story but if you don't want to fill out the form, it seems to me that you might intend to avoid certain other legal obligations.
Quote:
Currency and Monetary Instruments - Amount that can be brought into or leave the U.S.
How much currency / money / monetary instruments can I bring into the U.S.?
There is no limit on the amount of money that can be taken out of or brought into the United States."
(source:
https://help.cbp.gov/app/answers/det...-into-or-leave)
Aruban laws are similar according to this website.
Quote:
"Currency Export regulations:
Local currency (Aruban Florin-AWG) and foreign currencies: no restrictions. However, amounts exceeding AWG 20,000.- (USD 11,000.- or equivalent) must be declared."
(source:
http://www.iatatravelcentre.com/AW-A...ns-details.htm)
If you don't want to pay out your winners because THEY have to fill out a form, that's a bit suspicious. If you can't immediately write a negotiable check, which does not have to be declared, then you're not handling money
that doesn't belong to you in a transparent and honorable manner.
I'm not saying anyone is stealing money. All I'm saying is that the explanations so far have been lacking.