Banks and money laundering

jonesMUFCforever

Huge amount of cash - are there exchange rules in Egypt about how much currency you can take out the country?
Can't see many bureau exchange wanting a huge amount of this currency so rate would be poor.

marleyboy

PeacefulWaters wrote: »

You're guessing.

Yes...Hence the critical word....THINK! Its in the dictionary, look it up.

planteria

what sort of lumps of cash would generate 'queries' in a case like this?

jonesMUFCforever

planteria wrote: »

what sort of lumps of cash would generate 'queries' in a case like this?

We could tell you here BUT we would have to shoot you.:D

planteria

shoot if you want to, but you come at the king, you best not miss

give we a clue:)

JuicyJesus

There is no actual definable "limit" for money laundering (you can actually be breaking the law with regard to it with sums as small as £0.01, or even property that isn't money). However what you and your cousin are proposing, beyond that, breaks the law in many different ways.

diablo676

JuicyJesus wrote: »

There is no actual definable "limit" for money laundering (you can actually be breaking the law with regard to it with sums as small as £0.01, or even property that isn't money). However what you and your cousin are proposing, beyond that, breaks the law in many different ways.

planteria has tagged his (or her) query onto the end of my original question.

My cousin will be having the money from the Egyptian flat paid to her daughter, who was also involved in buying the flat originally. Sure it will no doubt be illegal but they both know what they are doing - and I can sleep soundly without fearing my door being broken down by the police at dawn. :eek:

planteria

yes, i hope you don't mind diablo
& i was just wondering what sort of values are deposited in order to raise a query

jonesMUFCforever

planteria wrote: »

shoot if you want to, but you come at the king, you best not miss

give we a clue:)

It would depend - banks like to know their customers - so for example somebody walking into a branch with £10k cash would be asked the wherabouts of the money.
Just as suspicious would be say somebody paying in regular amounts in cash on say a daily basis - nothing untoward at face value but somebody would ask how or where the money is coming from. There might be a perfectly innocent/good reason why this is but it COULD also mean the account being used as a mule.

planteria

interesting, as i say, i have banked a few thousand here & there, and never been asked.

never £10k admittedly, but i'd be interested to know if that is considered a threshold.

i wonder whether have a 'premium' account may make a quizzing less likely.

we agreed to take over a business today, and if all goes to plan i will be banking cash on a weekly basis. will all be entirely legit, and i suppose a retail business owner will be expected to do so.