"PeterSaxton" wrote
No they won't! - The small value deals aren't reported anywhere centrally (only the high value ones are reported, remember?), and each individual "small value dealer" doesn't know about all the sheer quantity of small value deals that the money launderer has made elsewhere, with other small value dealers.
You've forgotten about the checks that are made to the records which would find the suspicious small value deals.
What checks, and what records?
These
"PeterSaxton" wrote
Application of the Regulations
3.-(1) Subject to regulation 4, these Regulations apply to the following persons acting in the course of business carried on by them in the United Kingdom ("relevant persons")- (a) credit institutions; (b) financial institutions; (c) auditors, insolvency practitioners, external accountants and tax advisers; (d) independent legal professionals; (e) trust or company service providers; (f) estate agents; (g) high value dealers; (h) casinos.Especially considering the following:- Exclusions
4.-... (2) These Regulations do not apply to a person who falls within regulation 3 solely as a result of his engaging in financial activity on an occasional or very limited basis...It seems to me that the small shopkeepers that we've been talking about will *not* be required to do anything under those Regulations...
Did you have any *other* checks or records in mind?
Part of the discussion was about bureaux de change so they fall within that and you didnt seem to be referring to a crazy shopkeeper when you were talking about quantities and values generally.
"PeterSaxton" wrote
We were considering the impact of the 'high-value dealer' limit (see above). That's irrelevant to bureaux de change, because they specifically come under the Regulations anyway (for all size deals).
So - you were mistaken above, then? :-( [ ... when you spoke of checks & records for small-value deals.]
No, you can't have read the link I gave you there's checks of the record keeping for small value deals too.
"PeterSaxton" wrote
No! - the link is very clear as to who the Regulations apply to (persons as listed in Regulation 3), and small shopkeepers are *not* on that list; so even if the Regulations list any checks/records for small value deals, then they only apply to the listed persons -- not small shopkeepers!
Can you dig yourself in any deeper?
I'm not talking about shopkeepers I'm talking about money changers. You seem to have mentioned a shopkeeper who does money changing.
What you are saying is similar to saying there's no regulations for drug dealers to report their deals to a drug dealing authority so there's no possibility of drug dealers getting caught.
You really just seem to want to argue. Consider doing something more useful with your life.
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