Large sum of cash

fenwick458

basically you have got the answer to the question, which is just pay for everything in cash you can and keep your wages in the bank until it's gone.
it may take a while, but whats the hurry?
or you could walk into a bookies, feed in £1000 of notes into a roulette machine, have a few spins and then just press "collect", and get a receipt for your winnings and deposit that in the bank?

notveryeducated

fenwick458 said:

or you could walk into a bookies, feed in £1000 of notes into a roulette machine, have a few spins and then just press "collect", and get a receipt for your winnings and deposit that in the bank?

Said this before in this thread but seriously you're talking like an actual money launderer...

inspectorperez

Its all a very sad reflection on our society today that we have to adopt such a defensive mindset just because we have decided not to bank our surplus cash.

This will become even more relevant if banks ever decide to impose charges on our surplus cash investments which currently attract paltry rates of interest that are not going to improve any time soon.

Bit like school days when the one toerag in your class got everyone into detention!

I doubt very much whether there is a definitively correct answer to the originator's question, except to say that honesty should always be the correct policy even though there may be a risk of regulatory intervention. Some might say that £17,000 is the tip of the iceberg in terms of current resources being equipped to investigate - but you just never know

fenwick458

notveryeducated said:

fenwick458 said:

or you could walk into a bookies, feed in £1000 of notes into a roulette machine, have a few spins and then just press "collect", and get a receipt for your winnings and deposit that in the bank?

Said this before in this thread but seriously you're talking like an actual money launderer...

haha I know, whats funny it this though,
imagine somebody post a thread on the forum saying, I earn money and I don't want to pay tax on it, how can I get it into the bank legitimately? (i.e How do I launder money)
the whole board would be up in arms, the thread would get deleted in no time

but on the other hand someone dresses it up as  "I have some surplus cash that I have been saving, it's totally legitimate, i'm certainly not a drug dealer, how do i get it into the bank?
and then the discussion ensues and they get several helpful responses....
how do you tell the difference between the 2?

onlyfoolsandparking

fenwick458 said:

notveryeducated said:

fenwick458 said:

or you could walk into a bookies, feed in £1000 of notes into a roulette machine, have a few spins and then just press "collect", and get a receipt for your winnings and deposit that in the bank?

Said this before in this thread but seriously you're talking like an actual money launderer...

haha I know, whats funny it this though,
imagine somebody post a thread on the forum saying, I earn money and I don't want to pay tax on it, how can I get it into the bank legitimately? (i.e How do I launder money)
the whole board would be up in arms, the thread would get deleted in no time

but on the other hand someone dresses it up as  "I have some surplus cash that I have been saving, it's totally legitimate, i'm certainly not a drug dealer, how do i get it into the bank?
and then the discussion ensues and they get several helpful responses....
how do you tell the difference between the 2?

Its a fair point, how do any of us know the OP is not attempting to money launder. The bookies 'thing' wouldn't work, you cant put a large sum in a machine and then have it returned on to your account, they're not stupid, well we all KNOW they're not stupid they never lose lol.

NedS

fenwick458 said:

imagine somebody post a thread on the forum saying, I earn money and I don't want to pay tax on it, how can I get it into the bank legitimately? (i.e How do I launder money)

That's not money laundering, that's tax evasion. There's a difference.

inspectorperez

I believe that any specific distinction between Money Laundering and tax evasion is in some respects irrelevant. Many professionals in business are required to report suspicions of tax evasion under Money Laundering regulations. They do not necessarily have to go looking for evidence and the mere fact that there is a suspicion should be enough to trigger a report. Interestingly in that context, materiality is irrelevant. So whether it be £17, £17,000 or £17M is of no consequence

kuratowski

Tax evasion can be the predicate offence for money laundering.

robatwork

IvanDP said:

Just extra cash from what she earned over the years.

Herein lies your problem. That answer isn't going to convince anyone in a bank. They have to treat anyone as a potential criminal/money launderer. This answer is something a drug dealer might say.

You won't be able to pay it in one go. Do you need a car? I'm sure a second hand car dealer would love cash. Nearly every tradesman likes cash. You can buy everything (fuel, shopping) with cash.

colsten

And the money laundering tips keep rolling in 

This is not to say the OP or his partner want to launder money. The tips stand, regardless.