Deposit from overseas which inherited from mum

masud0174

Hi,
I am in the planning of buying a new home in a joint name (my wife and me) as a first-time buyer.
My mum passed way in June 2019; I inherited some lump sump cash approximately £40,000 in Bangladesh.
Currently, I am holding the inherited fund in my bank account in Bangladesh.

Bangladesh government's rules do not allow to export the money overseas.

I have the following option to bring money in the UK:

I can pay someone in Bangladesh; they will transfer into my Uk bank from their UK bank account.

If I do this way, there will be so many transactions. ( each transaction less than £1000)

The downside is that the people will transfer the fund in my account, I do not know them.

Or I will not be able to show their ID or bank statements incase of solicitors requires for money laundering purposes.

If I bring the money using the above method and hold this fund in my UK account for six months before the mortgage application; Am I going to be asked by the solicitor about more details about the source of fund.

Please, can you advise what should I do to avoid any future disappointment and stress?

Thanks,
Masud

davidmcn

You'd really need to talk to your solicitor to find out what evidence they'd need, there aren't any standard answers. Though they all have to draw the line somewhere, and I'd say it's typical not to look back more than three or six months, so it may well be fine if you transfer it early enough.

Do you need to use the inheritance for the house price, rather than keep it for e.g. furniture or other costs?

foxy-stoat

masud0174 wrote: »

Bangladesh government's rules do not allow to export the money overseas.

I have the following option to bring money in the UK:

I can pay someone in Bangladesh; they will transfer into my Uk bank from their UK bank account.

Surely that is exporting money overseas.

GDB2222

davidmcn wrote: »

You'd really need to talk to your solicitor to find out what evidence they'd need, there aren't any standard answers. Though they all have to draw the line somewhere, and I'd say it's typical not to look back more than three or six months, so it may well be fine if you transfer it early enough.

Do you need to use the inheritance for the house price, rather than keep it for e.g. furniture or other costs?

But this whole transfer is illegal, at least in Bangladesh. Should you be asking a solicitor about it, and will he have to make a money laundering report if you do?

davidmcn

GDB2222 wrote: »

But this whole transfer is illegal, at least in Bangladesh. Should you be asking a solicitor about it, and will he have to make a money laundering report if you do?

I wouldn't expect any UK conveyancing solicitor to be familiar with exporting rules of countries around the world. They're certainly not expected to be, they're meant to be looking for what we would regard as signs of money-laundering. The problem from our point of view would be "cash being transferred from unidentified strangers" somewhere within the paper trail, whether or not it's legal to do that in Bangladesh.

The OP could for example ask "some of the money comes from an inheritance but it will have been in my account for over six months, would you need further evidence of where it came from?".

toniq

The last response from a user called msu might be of help:


https://money.stackexchange.com/questions/36613/how-to-get-money-from-bangladesh

warby68

OP, you are asking for advice on how to achieve something illegal and then disguise the illegality.

This site is a bit more reputable than that (I hope)

hazyjo

From toniq's link, it seems you can at least ask Bangladesh Bank [Central Bank].


Obviously they may watch you like a hawk after if they say no.

Thrugelmir

masud0174 wrote: »

If I bring the money using the above method and hold this fund in my UK account for six months before the mortgage application; Am I going to be asked by the solicitor about more details about the source of fund.

You'll be asked to provide evidence of the source. That's the bottom line.

theartfullodger

Illegal fraud is illegal fraud. A criminal offence.

davidmcn

Thrugelmir wrote: »

You'll be asked to provide evidence of the source. That's the bottom line.

Like I said, you may well not. If it's been sitting in your account for long enough it's going to be deemed to be your money.