Originally posted by jamesbrown
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I am what I drink, and I'm a bitter man -
Originally posted by Whorty View PostWhy would anyone care where that money came from, any more than if I sold my house and had cash in the bank?
House sales is particularly common target for large scale money launderingComment
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Originally posted by Whorty View Post
Surely when you convert back to sterling then it's just 'money' in your bank. Why would anyone care where that money came from, any more than if I sold my house and had cash in the bank?Comment
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Originally posted by AtW View Post
AML legislation, US sanctions - you don’t pay them enough to risk jail for laundering your dirty money
House sales is particularly common target for large scale money launderingI am what I drink, and I'm a bitter manComment
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Originally posted by Whorty View PostAnd yet no one has ever asked me where my money has come from. So why would people suddenly start doing it if the money comes from Crypto
There are more questions now because of higher focus on AML plus it's know that crypto scammers are trying to launder their ill gotten gains.
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Originally posted by Whorty View Post
And yet no one has ever asked me where my money has come from. So why would people suddenly start doing it if the money comes from Crypto - not that anyone apart from HMRC (assuming you declare the capital gain) will know it's from Crypto anyway.
"Did you make the 3 million from illegal activity?"
"No, I sold my bitcoin wallet"
"Well let me arrange a viewing for you Mr Escobar Jnr"
Jesus wept.Comment
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Originally posted by jamesbrown View Post
No, because the history of money matters for the purposes of anti-money laundering checks. Purchasing a property is a good example. Estate agents, mortgage lenders, and conveyancers/solicitors will all carry out anti-money laundering checks. Banks still (rightly) consider cryptotwaddle to be a scam, so there's little chance of using crypto gains for a deposit or even paying for a property outright. You can probably pay for your Tesco shop, though. Until recently, you could even pay for a Tesla.
There is nothing illegal about Bitcoin (in the UK, presently) so proving the investment growth would be fine (even better if you have an HMRC return backing up the numbers).I am what I drink, and I'm a bitter manComment
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Originally posted by Whorty View PostAnd I assume if someone can show that a £1,000 came out of your current account 2 years ago, into a Bitcoin account and you can show the growth of the bitcoin account to £10,000 then that would pass the test.
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Originally posted by AtW View Post
No, it would not pass the test because it won't be possible to prove that money exchanged for tulipcoin (on sale) were squeaky clean, it's completely irrelevant even if you "mined" those tulipcoins - it's exchange for real money that's the problem.
If the UK thinks bitcoin money is dirty, they should ban the asset in the UK but it's not banned, and hence there is no reason for a solicitor to not allow the money to be used. But please link to a non Daily Fail story that proves otherwise.
* exchange this for any asset you're sellingI am what I drink, and I'm a bitter manComment
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Originally posted by Whorty View PostI disagree. You can never prove money is clean. If I sold my car* for £30k
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