jason4656

it seems now all large cash transactions be it from anywhere, cars, jewelery, estate agents, has to be reported as suspicious activity. The new law came into practice today, seems like something worth talkin about.


http://news.bbc.co.uk/1/hi/business/3493398.stm

"So from 1 March, anyone walking into a car showroom flashing £100,000 in cash, claiming a £10,000 business expense without the proper paperwork, or showing reluctance to provide a name and address at an auction may become the subject of a Suspicious Activity Report (SAR). "

im sure some of you have bought cars for cash, what do people plan to do now??

Tiggs

its existed in financial services for ages- no big deal, you just need to ID cleints. same will apply if you buy a big car with no proof of who you are or how you came by the funds.

jason4656

yes but it is an official new law brought in yesterday, personally i think its a big deal, especially if you are used to buying stuff in cash, some people have "on the side" businesses someone very close to me is like that, he just bought his car for 27k and paid cash, seems now you wont be able to do that at all, or you will get reported, im sure there are people in here that will effect. I am not asking to identify yourselves of course but was just asking for what people think

MrShades

...and the good reason why your friend should be allowed to work, albeit "on the side", and not pay tax etc. on his earnings and I have to is....??????

I say this is a good thing. It does what it sets out to do, largely, and that is to stop illegally obtained cash being laundered..... including cash from drugs and other contraband, though also cash obtained illegally by working and not declaring the income.

Seems fair.

Tiggs

no one legit should worry- it is an oofence not to report stuff in financial services...but its also very simple to invest a few mill as long as you have some id.

same will apply..... if i draw £50k from my account to go 911 shopping then i will have ample proof that i (and my £) is above board.

T

jason4656

sorry mr shades, which part of it said my friend should be allowed to do that?

I was merely starting what i thought would be an interesting debate, if you dont feel you have anything to add, its simple, dont add anything, or at least make it none personal

My own take on it, is that i have worked overseas for many years and have money offshore, i have already paid tax on that in teh country i earned it in. Now i have moved back to the uk, i dont see i should be paying that again or put into any type of predicament where its seen to be illegal, thats the reason people work overseas isnt it?

alcazar

iTrader: (2)

This is just us catching up with other European countries, (except switzerland, who lack any sort of morals anyway).


When I opened an account in France with €17000 in cash, I got all sorts of questions as to where it came from etc, and that was 2 years and more ago.

Alcazar

MrShades

Sorry if I was misquoting you jason4645, though what you say (above) I assumed to mean that someone very close to you (ie a friend) has "on the side" business, and by that I assumed undeclared cash income....

If you simpy meant that someone very close to you often buys things with big chunks of cash, and doesn't have any sort of "on the side" business, then I'm wrong - but your statement isn't exactly clear.

Punctuation is a wonderful thing, designed to allow the written word to be interpreted as it was intended....

...and you were asking for comments. I simply gave mine. Why start a thread if you don't want diverse feedback on what you've asked for feedback on?

Shades (working hard and declaring every penny)

jason4656

no, ur right it was my imaginary friend, doesnt mean i agree with it or think he "should" be allowed to do that, i just used it as an example.

I wanted diverse and objective feedback, not personal comments on my imaginary friend, that was just an example.

I already see how you feel about it, and i thank you for your comments, that was what i wanted to know from people.

speedking

I imagine if you sell your car for cash and pitch up at the Building Society with £10k to tuck away that the questions will come thick and fast. How will you get evidence that the 10k is legit?

ProperCharlie

if you sell you car for cash, as i did some time back, when you pitch up at the bank to deposit the cash, they ask you "sir, where did this cash originate from?" and you say "madam, i just sold a car". they then write "sale of car" on a little form. if anyone wants to investigate later on, they will be able to prove wether or not you had a car to sell.

what i want to know is how i'm supposed to launder money now.

chaos.

say you won it at a cassino, lost recipt etc, yadda yadda.

I can launder as much as you like, for free. Just hand it in a briefcase and I'll get back to you, all notes smelling sweet and absolutely legit

[cough]run like f**k[/cough]

yoza

Certainly not a new law....

I bought a Lexus is200 from a main dealer in Stockport 18 months ago. After ringing the salesman and explaining to him that I was going to pay cash if the car was as he said it was, he said yes no problems see you soon etc.

So we travelled up, the car was mint, so I walked into the show room and asked for the sales guy Id spoken to earlier.

I entered the salesmans office. 'Hello we spoke earlier about the is200 Sport, he wants it'. I placed a Tesco carrier bag (my brothers choice, not mine ) on his desk, and said £18000 would you like to count it?

He began to cough and splutter, expaining that the showroom wasnt insured for that amount of cash.

I said to him that in our phone conversation he had said that cash would be fine.

He said we often get people on the phone offering cash, but in his time as a salesman they had never turned up. So to see two 18 stone scousers ( his words, not mine) turning up within a couple of hours of a phone call, with £18000 in cash stuffed in a Tesco's bag, and wanting the car there and then, was unusual to say the least!

Anyway the long and the short of it was that after a word with his senior salesman, the police were called (CID), without my brother and I being informed.

And a few questions were asked:

Where did the money come from?
Are you working?
Do you have a reciept for the withdrawal you have made from the bank?
Why did you decide to use cash rather than a cheque, or bankers draft?

They kept us for about 20 mins in the salesmans office, then after a few checks (even PNC checking my car) they left, satisfied that the money was not obtained from anything illegal, and we were who we said we were.

After all that the salesman still wouldnt take the money!
He took £9980 because he was insured for upto £10000 in cash, and asked us to return the next day to pay the balance. He apologised for having to call the police but explained that it was policy to do so.

So if your thinking of getting shut of a wedge of cash, have your story sorted first.

Later Yoza

Freak

One of the benefits of being self employed- reciepts for absolutely everything, and all withdrawals and deposits

Been to buy an Audi S3 before- with 15500 in cash in a mcdonalds bag.......that was a private sale though- he didnt care

Personally i always pay cash - especially for cars etc- no hassle waiting for cheques to clear or them questioning whether bankers draft is legit.


its on a par with the stupid new number plate regulations they introduced (requiring ID and proof of address to get plates made up) in an attempt to stop some crime.... there are ways around it, and people laundering large amounts of money wont be too bothered as its easy to get around anyway.

Markus

Don't see any problem with this new law, if you are legit then you have no worries, if you are not legit then tough, maybe you should consider being a good citizen and paying tax like the rest of us.

As for laundering money, well, does not really affect things, you can still go to your friendly loan shark and get a loan, in cash, then pay it back on the spot, including a little handling fee of course. Not that I know anything about these types of things