10-05-2014, 05:19 AM
The Money Laundering Regulations (2007) state that anybody accepting cash in excess of euro15,000 (about GBP 12,250) (car dealers, jewellers etc.) has to register with HMRC.
We have to do an AML (anti-money-laundering) exam every year - anybody who fails to notify HMRC of any suspicion that they may have about the origin of funds is personally criminally liable - "turning a blind eye" is now completely unacceptable - its taken very seriously and the personal penalties are large (unlimited fines, jail up to 14 years etc.)...
Further, if you notify the individual(s) concerned that you are speaking to HMRC, i.e. tip them off, that is in itself an offence, even if you don't accept the funds.
Its not a valid defence any more just to ignore the sources of funds, cash or otherwise.
We have to do an AML (anti-money-laundering) exam every year - anybody who fails to notify HMRC of any suspicion that they may have about the origin of funds is personally criminally liable - "turning a blind eye" is now completely unacceptable - its taken very seriously and the personal penalties are large (unlimited fines, jail up to 14 years etc.)...
Further, if you notify the individual(s) concerned that you are speaking to HMRC, i.e. tip them off, that is in itself an offence, even if you don't accept the funds.
Its not a valid defence any more just to ignore the sources of funds, cash or otherwise.
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