Do bankruptcy work with FIU?

bradz2013

Was just wondering if the official receivers work with the Financial Investigation Unit??

It's just that i got called into the police station and they thought i was money laundering, but it was just winnings from gambling i was depositing into my account, had to explain everything and its all sorted now but was just wondering if the official receiver had any part played in all this.... ???

aveylee

Official Receivers are part of the Insovency Service so come under the umbrella money laundering registration of the Dept of Business, Innovation & Skills (BIS).
All Insolvency Service employees are obliged in law to notify of any suspicions they have of money laundering. Which is probably what happened here.
So while the Insolvency Service don't technically work with FIU they would funnel 'suspicions' through to them.
However it is not just Official Receivers this would have happened with. It would (or at least should of...) have happened with all accountants, auditors, lawyers and a large % (but not all) Civil Servants.

Bella_Smythe

bloody hell Big Brother or what? so what would constitute 'suspicious amounts' of money going through accounts to arouse suspicions of money laundering?

aveylee

No easy answer to that question Bella. It is all risk based.
The professional dealing with it would have to assess the type of business your in, how many transactions you account for, how long you've been their client, your financial position etc.
So if your a new customer in a high risk area (e.g. international import/export) than they may report transactions for the low hundreds of pounds as 'suspicious'.
While if you're a long term client in a less risky business (grocery retailer for example), then a transaction for millions of pounds may not be reported as suspicious.

Bottom line it is not the amount of money, but the nature of the transaction that would determine whether a report is required.

JCS1

bradz2013 wrote: »

Was just wondering if the official receivers work with the Financial Investigation Unit??

It's just that i got called into the police station and they thought i was money laundering, but it was just winnings from gambling i was depositing into my account, had to explain everything and its all sorted now but was just wondering if the official receiver had any part played in all this.... ???

Was it the account you kept when you went bankrupt? If you were paying in large cash deposits, then it may have been the bank who were monitoring the account and would flag any concerns.