Large cash withdrawals

Llwyd

Do banks report large cash withdrawals to the tax man or is this an 'urban myth'.

agrinnall

Wikipedia suggests that:

However there is no obligation on banking institutions to routinely report monetary deposits or transfers above a specified value. Instead reports have to be made of all suspicious deposits or transfers, irrespective of their value.

http://en.wikipedia.org/wiki/Money_laundering#United_Kingdom

ses6jwg

Most banks report on suspicious activity, and conduct their own internal investigations. If they find anything that warrants it, they can pass your details to the police, or HMRC etc for further investigation