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New money laundering rules

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The government has brought many more businesses into the current money laundering reporting scheme. Anyone who processes large (unspecified) amount sof cash will have to fill in a report of customers making large cash transactions or "suspicious" (undefined) transactions.

Oddly enough the list of people who will ahve to complete these reports includes some small businesses, e.g. mini cabs, restaurants, car dealers. Yet another inexcusable burden on the back of small business.

Does anyone have a link to a more official source of information? The BBC report is the only one I could find. I'm particularly interested if anything new is going to hit small import/export businesses as my wife is thiunking of starting a small import/export business. Obviously we don't want to fall foul of scrutiny by MI5 for daring to pay for goods in cash.

Reply to
Steve Firth
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Follow the link under the editorial section of

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to the anti money laundering zone or go to
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Unless you are money laundering yourself and that includes tax evasion, you shouldn't need to worry unless you're prepared to be paid in cash equivalent to ?15,000 (approx £10,000) or more for a single transaction - that must be some mini-cab trip :-)

Reply to
Bob

Or you pay £10,000 in cash to buy your next mini-cab. The car dealer likes cleared funds, and bankers drafts cost money.

Reply to
Jonathan Bryce

No point. it would have to a really good deal as he loses the ability to offset depreciation against profits.

Reply to
Richard Faulkner

Would you walk down the street with 10 grand in your pocket, just to save a 20 quid fee?

Which street is it? :-)

tim

Reply to
tim

I've walked down the street with £3k in my pocket to save the £20 fee.

Not telling you :-p

Reply to
Jonathan Bryce

How does that work? Capital allowances are exactly the same whether you pay cash or bankers draft.

Reply to
Jonathan Bryce

One of my work associates bought a car for £23K cash because he didn't agree with paying a fee for a draft.

Reply to
Steve Firth

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