stock market crash

[Whorty]

Even if you accrue a million cryptotwaddles and convert them back to "fiat", you can't spend the gains on anything serious because they're rightly viewed as a scam and no intermediary that needs to care about money laundering will go anywhere near you.

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?

[AtW]

Why would anyone care where that money came from, any more than if I sold my house and had cash in the bank?

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 laundering

[jamesbrown]

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?

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.

[Whorty]

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 laundering

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.

[AtW]

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

Did you use same solicitor to sell old house and buy new house?

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.

[minestrone]

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.

"I would like to buy this 3 million pound house for me and my extended Columbian family"

"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.

[Whorty]

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.

Not sure about mortgage lenders as not had a mortgage for over a decade, but I guess the solicitor would look at a bank statement and may question where a large deposit has come from. And 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.

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).

[AtW]

And 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.

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.

[Whorty]

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.

I disagree. You can never prove money is clean. If I sold my car* for £30k, and used that for a deposit on a house, I couldn't prove the money was 'clean'. Feel free to prove me wrong, but my understanding is you need to prove where your money came from (with bitcoins, it's the sale of that asset), but you're not proving the money you get is clean.

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 selling

[AtW]

I disagree. You can never prove money is clean. If I sold my car* for £30k

Yeah, very wise to sell your car for that kind of money in cash