Money Laundering

[ycltd 0]

We know all about cash up to and not above 10K but now been advised that if we accept bank transfers over 10k then we need to inform HMRC and register paying an annual fee, if we don't then we are breaking the law. Does this make sense have we been naive and should we have registered a while back.

[Rory RSC 596]

Its not on bank transfers as its clear where its come from. Its cash transactions it applies to. IE suitcase of money. So the Gov can keep tabs on it.

 

[Earunder 69]

I think you need to lookup -> Money Laundering Regulations

[ycltd 0]

I agree totally with you and having read money laundering regulations, we do sell high value goods, i.e cars over 10000 euros circa £8500 and payment in total is often made by Bank transfer, having read the guide am under impression supposed to register, how do others interpret these regulations. Am sure it was not to include car dealers but as many cars are way in excess of limit and one off payments will often exceed 10000 euro's may exceed these limits ! 

[BHM 994]

Who gives a fuck? I'd take the money & worry about the regulations later.

[have a word with the wife 299]

5 hours ago, BHM said:

Who gives a fuck? I'd take the money & worry about the regulations later.

because the purchaser may state that you were fully aware of his laundering and how you freely assisted 

[BHM 994]

8 hours ago, have a word with the wife said:

because the purchaser may state that you were fully aware of his laundering and how you freely assisted 

It'd be a one-off & I with my car's I certainlycouldn't be accused of laundering millions. With odds like that I'd take the chance.