Money laundering issues
Discussion
Decided to gift some / loan some money to our son for his use in extending the lease on one of his rental houses. It’s not a massive amount of money and it helps us to start off loading some cash to family. Problem is sons solicitor wants to know where the cash has come from. I can identify for them most of the cash but about £12k comes from the sale of a vehicle I owned last year. Sold it privately and no longer have any details of buyer. The £12k went into my bank account with no issues raised, and yet sons solicitor is getting very sniffy about the £12k and where it came from.
This seems to me to be going OTT ? or is it to be expected now, I know the legal boys and girls have to comply with legislation, but it’s almost impossible to give private cash without a extreme interviews.
This seems to me to be going OTT ? or is it to be expected now, I know the legal boys and girls have to comply with legislation, but it’s almost impossible to give private cash without a extreme interviews.
interstellar said:
Doesnt saying "savings " cut it. I had this a few months ago and said "savings" which was true, no more questions.
You sold the car a year ago so since then its been in savings I guess, that is the answer surely.
Seems OTT to me.
Thanks, the solicitor is pressing my son and me for details of the vehicle purchaser! Obviously I wouldn’t give that even if I could.You sold the car a year ago so since then its been in savings I guess, that is the answer surely.
Seems OTT to me.
alscar said:
It’s all from your existing savings.
I had to fill out similar forms recently for 2 of my children for different reasons - savings was box ticked and I named the specific Bank.
Thank you, I have sent the solicitor my bank details and statements and still they wanted more details. Which is why I have come in here seeking advise and experiences. Thanks again.I had to fill out similar forms recently for 2 of my children for different reasons - savings was box ticked and I named the specific Bank.
crankedup5 said:
Thank you, I have sent the solicitor my bank details and statements and still they wanted more details. Which is why I have come in here seeking advise and experiences. Thanks again.
In which case definitely OTT from said solicitor. You’ve answered his question truthfully.
Unless the bank statement showed the incoming car payment itemised not sure what it would prove in this regard anyway and if it did just that and a year ago he is obviously trying to cover himself but to unworkable ends.
alscar said:
crankedup5 said:
Thank you, I have sent the solicitor my bank details and statements and still they wanted more details. Which is why I have come in here seeking advise and experiences. Thanks again.
In which case definitely OTT from said solicitor. You’ve answered his question truthfully.
Unless the bank statement showed the incoming car payment itemised not sure what it would prove in this regard anyway and if it did just that and a year ago he is obviously trying to cover himself but to unworkable ends.
crankedup5 said:
Yes, it’s been a headache tbh, asking me (via my son) for details of the guy who purchased my vehicle last year. They even want so see my premium bond account.!
If you have given them bank details and now then they want premium bond details are you sure they are a solicitor ?!I think I’d either be saying this is ridiculous by now or looking at an alternative one.
Buying a vehicle with 'under the radar' cash and then banking the proceeds, next shifting the cash away to a family member could very easily be tax avoidance and/or money laundering, happens all the time.
Just because it Quacks, it isn't a Duck - for certain, but it might very likely be.
Unless OP had it stashed under the floorboards then the paper trail of funds, from buying to selling the car and then making the transfer shouldn't be too onerous.
Just because it Quacks, it isn't a Duck - for certain, but it might very likely be.
Unless OP had it stashed under the floorboards then the paper trail of funds, from buying to selling the car and then making the transfer shouldn't be too onerous.
crankedup5 said:
Decided to gift some / loan some money to our son for his use in extending the lease on one of his rental houses. It’s not a massive amount of money and it helps us to start off loading some cash to family. Problem is sons solicitor wants to know where the cash has come from. I can identify for them most of the cash but about £12k comes from the sale of a vehicle I owned last year. Sold it privately and no longer have any details of buyer. The £12k went into my bank account with no issues raised, and yet sons solicitor is getting very sniffy about the £12k and where it came from.
This seems to me to be going OTT ? or is it to be expected now, I know the legal boys and girls have to comply with legislation, but it’s almost impossible to give private cash without a extreme interviews.
When I buy a property, the brief asks for a screenshot of the bank account showing my name and the transaction of the funds. End of ML protocol.This seems to me to be going OTT ? or is it to be expected now, I know the legal boys and girls have to comply with legislation, but it’s almost impossible to give private cash without a extreme interviews.
Get another solicitor. Yours is an arse.
alscar said:
crankedup5 said:
Yes, it’s been a headache tbh, asking me (via my son) for details of the guy who purchased my vehicle last year. They even want so see my premium bond account.!
If you have given them bank details and now then they want premium bond details are you sure they are a solicitor ?!I think I’d either be saying this is ridiculous by now or looking at an alternative one.
They are defo’ registered.
The Solicitor is doing the correct thing, that can get massive fines and even prison time for not accounting for that money. I would suggest the bank statement showing the car money coming in and a note of who the buyer was, type of car and anything pertaining to your ownership would help make them feel safer….i am sure you could come up with an AA type sales receipt.
After all, someone money laundering would come up with similar stories and stomp their feet….that’s how it works.
It feels jobsworth and very boring but this is what we are up against in the financial industry.
After all, someone money laundering would come up with similar stories and stomp their feet….that’s how it works.
It feels jobsworth and very boring but this is what we are up against in the financial industry.
Proving details of the car transaction isn't going to explain the source of the funds the car buyer used to buy it.
That's why criminals launder money via vehicle purchases.
And given the chain of proof of funds could become endless, cranked-up's son's solicitor has discharged his ML duty when cranked-up shows the origin of the funds, ie his bank account.
That's why criminals launder money via vehicle purchases.
And given the chain of proof of funds could become endless, cranked-up's son's solicitor has discharged his ML duty when cranked-up shows the origin of the funds, ie his bank account.
Portia5 said:
Proving details of the car transaction isn't going to explain the source of the funds the car buyer used to buy it.
That's why criminals launder money via vehicle purchases.
And given the chain of proof of funds could become endless, cranked-up's son's solicitor has discharged his ML duty when cranked-up shows the origin of the funds, ie his bank account.
In my part of the property financial chain I would not have to take proof of where the buyer of the vehicle obtained the money from, you could go on forever like that until you traced it back to the royal mint. The solicitor only wants to know where you he father got the money from to make the gift. It ends there for the Solicitor.That's why criminals launder money via vehicle purchases.
And given the chain of proof of funds could become endless, cranked-up's son's solicitor has discharged his ML duty when cranked-up shows the origin of the funds, ie his bank account.
Solicitor doesn’t care if the person who bought the car was money laundering as they would just sell the car to clean the money and that money enters the money chain another way. The Solicitor is just concerned that Dad could be laundering money via the son and making up a spurious car transaction. The Solicitor, I am sure, would rather not have to deal with any of that hassle and is not making work for the fun of it. Anti money laundering is a pain in the backside.
Edited by Caddyshack on Tuesday 23 January 18:22
Portia5 said:
Proving details of the car transaction isn't going to explain the source of the funds the car buyer used to buy it.
That's why criminals launder money via vehicle purchases.
And given the chain of proof of funds could become endless, cranked-up's son's solicitor has discharged his ML duty when cranked-up shows the origin of the funds, ie his bank account.
This is the problem with chasing ‘where did the money come ‘, where does the search end. I would have thought that cash running to my bank and premium. bonds, the ever ask where the money ca from. It all seems a bit odd.That's why criminals launder money via vehicle purchases.
And given the chain of proof of funds could become endless, cranked-up's son's solicitor has discharged his ML duty when cranked-up shows the origin of the funds, ie his bank account.
crankedup5 said:
Portia5 said:
Proving details of the car transaction isn't going to explain the source of the funds the car buyer used to buy it.
That's why criminals launder money via vehicle purchases.
And given the chain of proof of funds could become endless, cranked-up's son's solicitor has discharged his ML duty when cranked-up shows the origin of the funds, ie his bank account.
This is the problem with chasing ‘where did the money come ‘, where does the search end. I would have thought that cash running to my bank and premium. bonds, the ever ask where the money ca from. It all seems a bit odd.That's why criminals launder money via vehicle purchases.
And given the chain of proof of funds could become endless, cranked-up's son's solicitor has discharged his ML duty when cranked-up shows the origin of the funds, ie his bank account.
I suspect if you kept pushing money in to premium bonds and then taking it out someone would eventually send off a suspicious activity report. Your bank would also get concerned if large amounts of cash kept going in. If you buy premium bonds from net pay then it isn’t an issue.
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