New Money Laundering Regulations!

[sneezycheese]

Hi Guys,

Just to let you know that the New Money Laundering Regulations came into effect in December 2007.

What this means is if any of you guys are buying, brokering and/or selling domains worth over 15k euros through your companies or businesses you'll need to register before the 1st April 2008.

Details of the regs can be found in the following public notice: http://www.hmrc.gov.uk/MLR/mlr9.pdf

Aplication forms can be found here: http://www.hmrc.gov.uk/MLR/forms.htm#3

Regards,

Sneezy.

 

[rob]

What this means is if any of you guys are buying, brokering and/or selling domains worth over 15k euros through your companies or businesses you'll need to register before the 1st April 2008.

When I read them back when it was published it mentioned physical cash (ie. big wads of notes) style business - so car dealer / antiques dealers and the like only.

I think it specifically mentioned card payments / cheques were ok - will have a quick re-read!

 

[sneezycheese]

Hi Rob,

Just had a quick re-read and it looks as though it effects any business that accepts cash payments for either a single item or multiple items paid for in a single transaction.

So for example you were to sell me 20 of you names @ £1k each - i.e. £20k and I paid you in cash, that transaction would be covered under the regulations.

Regards,

Simon.

 

[rob]

I paid you in cash, that transaction would be covered under the regulations.

That would make the matress lumpy!

Debit/Credit cards / Cheque are ok - so depends on definition of 'cash'.

 

[monaghan]

Do many domain transactions get settled in cash though?

 

[sneezycheese]

That would make the matress lumpy!

...lol - don't worry I'd send you some 'freshly made'. :mrgreen:

Debit/Credit cards / Cheque are ok - so depends on definition of 'cash'.

...Good point! - Bankers Drafts & Bank Transfers come to mind. :???:

Regards,

Sneezy.

 

[devolution]

The purpose of this is not to prevent money laundering, but rather increase the coffers of the Revenue...

 

[GreyWing]

an boy does this Government need it's coffers filled,

Stand by to be bent over in tomorrows budget.

Which is going to be the shield for New Labour financial incompetence

a) Binge drinking

or

b) Eco Tax

 

[retired_member32]

have they not stopped the lpg subsidy for cars entering london,so much for greener car taxes,so you have to pay a toll charge for entering london whatever car you drive green or not.

hey greywings happy because barnsley have beaten more premiership sides than dcfc this season,i wouldn't mind but they are in a lower league.....

 

[GreyWing]

hey greywings happy because barnsley have beaten more premiership sides than dcfc this season,i wouldn't mind but they are in a lower league.....

I never realised that, lol

I couldn't stop laughing on Saturday when we beat them. I had money on us getting slaughtered by this years cup has been a weird one.

Cardiff or Barnsley in the final and West Brom will give Portsmouth if not beat them, So maybe a all championship final.

It's very open still and anyone could win this year.