Money laundering

derek kelly · 20/8/19

Last week we left a cheque to pay for our new field with our Solicitor, someone who we have used for our past three houses & all our fields, we received a letter this morning asking us to provide proof of where our money came from, we called in with a bank statement which he scrutinised so much he almost wore the print away.
He questioned many transactions on the statement, mainly large deposits when we’ve sold horses, he never mentioned the £11.500 paid out to the vets two years ago, after much studying he declared “yes that’s fine, we should have it wrapped up in a couple of days”
There are signs all over his Office regarding money laundering, I would think it highly unlikely that people would buy a field to launder money, where is the quick turnover in that?

Malone · 20/8/19

Perhaps you’ll be growing grass, man!

T.C · 20/8/19

derek kelly said:
Last week we left a cheque to pay for our new field with our Solicitor, someone who we have used for our past three houses & all our fields, we received a letter this morning asking us to provide proof of where our money came from, we called in with a bank statement which he scrutinised so much he almost wore the print away.
He questioned many transactions on the statement, mainly large deposits when we’ve sold horses, he never mentioned the £11.500 paid out to the vets two years ago, after much studying he declared “yes that’s fine, we should have it wrapped up in a couple of days”
There are signs all over his Office regarding money laundering, I would think it highly unlikely that people would buy a field to launder money, where is the quick turnover in that?

I understand what you are saying, but Solicitors have become a target source for money launders, especially solicitors who deal with land and property.

Even I had to go through various courses and pass exams about money laundering even though I work in personal injury and most PI money os from the insurers and the courts and so the source is known.

Over the past 3 or 4 years a number of solicitors have been struck off or had their practice closed because of money laundering.

So all your solicitor is doing is covering his arse given the speed at which the regulators will jump in at even the slightest suggestion of wrong doing.

He was just doing his admin duties properly. (y)

Pow-Lo · 20/8/19

I found a tenner in the pocket of my jeans when I took them off the washing line last weekend. I’m expecting a knock on the door any day now.

Oldandbald · 20/8/19

derek kelly said:
Last week we left a cheque to pay for our new field with our Solicitor, someone who we have used for our past three houses & all our fields, we received a letter this morning asking us to provide proof of where our money came from, we called in with a bank statement which he scrutinised so much he almost wore the print away.
He questioned many transactions on the statement, mainly large deposits when we’ve sold horses, he never mentioned the £11.500 paid out to the vets two years ago, after much studying he declared “yes that’s fine, we should have it wrapped up in a couple of days”
There are signs all over his Office regarding money laundering, I would think it highly unlikely that people would buy a field to launder money, where is the quick turnover in that?

That's precisely the point. Effective money laundering involves many small transactions. Large transactions tend to get the regulators crawling over them like flies on shit. I'd say you're very good at it.

andyBeaker · 20/8/19

derek kelly said:
Last week we left a cheque to pay for our new field with our Solicitor, someone who we have used for our past three houses & all our fields, we received a letter this morning asking us to provide proof of where our money came from, we called in with a bank statement which he scrutinised so much he almost wore the print away.
He questioned many transactions on the statement, mainly large deposits when we’ve sold horses, he never mentioned the £11.500 paid out to the vets two years ago, after much studying he declared “yes that’s fine, we should have it wrapped up in a couple of days”
There are signs all over his Office regarding money laundering, I would think it highly unlikely that people would buy a field to launder money, where is the quick turnover in that?

Exactly the type of transaction used for money laundering.

It isn't that long ago that you could walk into,a,solicitors with a bag of cash to buy a house.

Hard to believe.

Oldandbald · 20/8/19

andyBeaker said:
Exactly the type of transaction used for money laundering.

It isn't that long ago that you could walk into,a,solicitors with a bag of cash to buy a house.

Hard to believe.

To be fair, most of what you say is hard to believe.

derek kelly · 20/8/19

T.C said:
I understand what you are saying, but Solicitors have become a target source for money launders, especially solicitors who deal with land and property.

Even I had to go through various courses and pass exams about money laundering even though I work in personal injury and most PI money os from the insurers and the courts and so the source is known.

Over the past 3 or 4 years a number of solicitors have been struck off or had their practice closed because of money laundering.

So all your solicitor is doing is covering his arse given the speed at which the regulators will jump in at even the slightest suggestion of wrong doing.

He was just doing his admin duties properly.

I can understand that but we have used our Solicitor many times, he is almost a family friend, he probably knows our finances better than we do.

T.C · 20/8/19

derek kelly said:
I can understand that but we have used our Solicitor many times, he is almost a family friend, he probably knows our finances better than we do.

Doesn't matter how well you know your solicitor, they have to follow the rules and have documentation on file to show that those rules have been complied with so that they do not get the grief when it comes to the annual audit.

Even staff have to go through the same checks even though they may have worked in the firm for years.

derek kelly · 20/8/19

T.C said:
Doesn't matter how well you know your solicitor, they have to follow the rules and have documentation on file to show that those rules have been complied with so that they do not get the grief when it comes to the annual audit.

Even staff have to go through the same checks even though they may have worked in the firm for years.

On the notice it mentions new customers & customers not dealt with for a while, our last transaction was last year & there were no checks on our finances.
Sounds like I’m moaning, I’m not, anything to prevent money laundering & I am of the opinion if you don’t break the law then you’ve nothing to fear.

ianrobbo1 · 20/8/19

I can see why he would think your a "bit" dodgy, you're surrounded by crooks all day and you wouldn't be the first to take a backhander.

slim63 · 21/8/19

ianrobbo1 said:
you're surrounded by crooks all day

And then there are the inmates to consider

andyBeaker · 21/8/19

derek kelly said:
On the notice it mentions new customers & customers not dealt with for a while, our last transaction was last year & there were no checks on our finances.
Sounds like I’m moaning, I’m not, anything to prevent money laundering & I am of the opinion if you don’t break the law then you’ve nothing to fear.

You are moaning.

Centaur · 21/8/19

I bet he didn't tell you he had to check you against the government list of known and suspected launderers. I don't think the Irish "fallen women" are included in the list. Under the POC law any advisers who fail to notify about peeps hiding cash or benefit swindlers are up for a 3 year prison sentence. When Inland Revenue catch someone fiddling they always ask....."Does your accountant or Financial Adviser know about this?"

andyBeaker · 21/8/19

https://nationalcrimeagency.gov.uk/what-we-do/crime-threats/money-laundering-and-terrorist-financing

andyBeaker · 21/8/19

Centaur said:
I bet he didn't tell you he had to check you against the government list of known and suspected launderers. I don't think the Irish "fallen women" are included in the list. Under the POC law any advisers who fail to notify about peeps hiding cash or benefit swindlers are up for a 3 year prison sentence. When Inland Revenue catch someone fiddling they always ask....."Does your accountant or Financial Adviser know about this?"

It goes further than that.

Anyone who suspects someone of money laundering is by law required to report it.

It is a criminal offence not to.

Oldandbald · 21/8/19

andyBeaker said:
It goes further than that.

Anyone who suspects someone of money laundering is by law required to report it.

It is a criminal offence not to.

As is tipping off and I fear we may be guilty.

Centaur · 21/8/19

Oldandbald said:
As is tipping off and I fear we may be guilty.

Only if you registered as an accountant or financial adviser and so subject to POCA.

Quiney · 21/8/19

Many years ago, when I worked in insurance, I was arranging a mortgage for my father (a retired police officer)
I had to ask him, because it was on the paperwork, they need to know where the money for the deposit was coming from.
His reply, 'Tell them to mind their own fucking business!'

Squag1 · 21/8/19

Centaur said:
I don't think the Irish "fallen women" are included in the list.

Where are they, you keeping it a secret???

Money laundering

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