money laundering

[Jim GM4DHJ ...]

[Max Demian]

I don't think private individuals have a legal duty to check against money laundering; only banks and the like.

Unless the notes smell strongly of marijuana...

[Jim GM4DHJ ...]

[Stephen Cole]

Or faeces, once Jim?s had his hands on them for more than 5 minutes anyway.

[spuorgelgoog]

Your bank would have asked you where the money came from. Presumably you would have a copy of the advert and the car sale/transfer forms to substantiate that, if asked to provide it.

Start doing it too often and you run the risk of your account being frozen for investigation.

Owain

[Jim GM4DHJ ...]

[Dave Liquorice]

Why involve any bank in the first place? It's cash shove it under the matress and use it to buy things.

[Jim GM4DHJ ...]

but I don't want to spend it at the moment and puting it into the bank I shouldn't run the risk of some of it being forgeries .....

[newshound]

Was it all in £50s? Round here petrol station won't accept them because of forgeries. I'd have thought that was the biggest risk (assuming you have V5C records for the transfer).

I know a few people with cash businesses who regularly carry round several thousand pounds in cash.

I was once asked very politely by a bank where a cheque for a few £k had come from, but they were perfectly happy with my explanation (iirc it was a legacy from the executor).

I paid £1100 into a post office in 10's and 20's a couple of weeks ago, it just went straight into the counting machine. I don't know whether these have some fake detection in them. But that is below the level that trips the "laundering" check.

[Jim GM4DHJ ...]

[Vir Campestris]

A friend of mine told them "Drugs and prostitution". I wouldn't have risked it, but it shut them up!

Andy

[newshound]

I gather the smart drug dealer used to carry a collection of winnings receipts from fixed odds betting terminals, before the government unhelpfully reduced the maximum stake to £2 or whatever. I believe the bookies "cut" of 7% (?) was considerably better than you got from more traditional money launderers.

[spuorgelgoog]

Doesn't prove anything; he could be lying too. Banks and regulators like paperwork.

Only advantage of meeting him at the bank with cash is that he can't get the keys then mug you for the money.

Owain

[Jim GM4DHJ ...]

as if he would ... you have been reading too many lies about Glasgow ...........

[Dave Plowman (News)]

I'd want it checked for forgeries anyway. Paying that amount in cash is very unusual these days.

[Jim GM4DHJ ...]

well they took it no bother...counted it by hand then in a machine...took the name of the buyer though ....

[Michael Chare]

I have always sold second hand cars for cash though for lower amounts.