Money Laundering law? Is offering to accept a problem?

[cptsideways]

Question for a few legal types:


Friend of mine is a car dealer, he has'nt registered with customs as a High Value Dealer as he was adamant that he would be accepting "cash" over the amount for disclosure.

However in some of his advertising he states cash offers accepted, and occasionally he has cars in that could be over the 10k limit, though the advertising clearly states ID required for all transactions.


1) Is offering in advertising actually breaking the law?

2) Also when he says "cash" it often means "non financed" transactions such as debit cards or bank transfers.

Anyway any help would be much appreciated, ASAP!


>> Edited by cptsideways on Monday 5th December 11:59

[pdV6]

Surely he'd only be breaking the law if he physically accepted £10k+ in actual cash... and then didn't declare it?

[cptsideways]

pdV6 said:

Surely he'd only be breaking the law if he physically accepted £10k+ in actual cash... and then didn't declare it?

Thats what I would have thought, having read the documents & the law itself I'm struggling to find any ref to it. It seems that customs have jumped on him because he has advertised the fact that he accepts cash offers & a vehicle has been advertised above the threshold amount. However no transaction had taken place at the time. The vehicle has subsequently been sold on finance!.

I think he's been hauled up on the not declaring as a HVD (High Value Dealer) but at what point are you a HVD before on or after a transaction? surely not just offering?

[Eric Mc]

He has advertised that he accepts payments of amounts of £10,000 or higher in "cash". HM C & E have obviously taken him at his word.