How to handle large amount of cash

Discussion in 'Banking, credit cards, etc' started by Mur2006, Sep 5, 2006.

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  1. Mur2006

    Mur2006 Registered User

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    Hi folks,

    Need some advice, my folks gave me a cash gift of 20,000, i need to get this from cash form and into my accounts. I don't want this traced back to my Dad etc.

    I understand the principals of money laundering,whats the easiest approach with least questions asked getting this into my accounts.

    appreciate any assistance

    thks
     
  2. Dearg Doom

    Dearg Doom Frequent Poster

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    I'm sure your parents had fully paid up any tax due on this sum and that you have paid any gift tax due (if any), right? So just pop down to the bank and lodge the money, nothing to worry about. However if this is not the case, you're barking up the wrong website, the members of askaboutmoney do not condone tax evasion.
     
  3. Satanta

    Satanta Frequent Poster

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    From the revenue site, your father can gift you €478,155 tax free. This shouldn't have any further consequences for either of you.... as long as your not trying to hide that your father had the €20k to begin with.
     
  4. HotdogsFolks

    HotdogsFolks Guest

    I agree we should all pay tax, but there is something very sick about having to pay tax on a cash gift from your family (considering they would already have paid tax when acquiring the money in the first place.)
     
  5. DrMoriarty

    DrMoriarty Moderator

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    Read the replies again, HotdogsFolks — is not the point being made that you almost certainly won't have any tax liability on such a gift?

    If for some reason you do, then pay it.
     
  6. HotdogsFolks

    HotdogsFolks Guest

    I replied at the same time as the previous poster so was unaware of the high threshold.

    I never said I wouldn't pay the tax, I just said it is wrong.
     
  7. ClubMan

    ClubMan Frequent Poster

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    Why? Unless there is something untoward going on here in which case this thread will be closed.
     
  8. DrMoriarty

    DrMoriarty Moderator

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    Fair enough. But if your Dad has already gifted you more than €478,155 tax free, some mightn't see too much wrong with you paying 20% CAT on an additional €20k bung of 'mattress money'...

    You might like to have a read of this, anyway. (.pdf format)
     
  9. ClubMan

    ClubMan Frequent Poster

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    Please discuss the merits and demerits of paying tax in another thread.
     
  10. CelloPoint

    CelloPoint Frequent Poster

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    Join the sporting emporium casino just off Grafton Street.

    Sit yourself down at the roulette table on a Saturday evening with x40 E500 chips. After an hour or two, chances are still have 20k, given the 50/50 roulette table odds (plus or minus a few bob) - I know the Sporting Emporium give you 50% of your evens bet if it lands on zero (most casinos don't do this).

    You could be a right eejit and keep putting the same amount on black/red. Thing is, you'd look like a right fool and I don't think the cashiers would like you!

    Anyway, at the end of your roulette endeavours, cash out and request a cheque rather than cash. As gambling winnings are tax-free, you can declare a lucky night's poker.
     
  11. HotdogsFolks

    HotdogsFolks Guest

    Isn't this roughly the tactic John Gilligan used?
     
  12. ClubMan

    ClubMan Frequent Poster

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    So they've lost 50% but have managed to avoid paying tax? :confused:
     
  13. CelloPoint

    CelloPoint Frequent Poster

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    I take it you've never played roulette then.
     
  14. ClubMan

    ClubMan Frequent Poster

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    Sorry - I thought that you said that they'd lose 50% on average. What is the purpose of this thread? If it's to solicit advice on how to launder money and evade tax then it should be closed.
     
  15. Sherman

    Sherman Frequent Poster

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    Are you honestly trying to suggest that one will usually come out just about even after playing roulette for a couple of hours?

    Couple of questions - firstly, how do casinos make money? Secondly, who loses (because somebody has to)? 'Other' punters? 'Mugs'? Not you, obviously.
     
  16. kkontour

    kkontour Frequent Poster

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    When you lodge more than €6000 euro in the bank the teller is required to ask you whare the money came from, due to money laundering laws.
    Maybe you could do 4 seperate lodgings of €5000 over a few days/weeks. Dont know if any flags are tripped if the lodgments add up to over the €6000 over a period of time.
     
  17. CelloPoint

    CelloPoint Frequent Poster

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    Well if you put E500 on red, you've a 48.6% chance of landing on red (double your money), a 48.6% chance of landing on black (lose your money) and a 2.7% chance of landing on zero (half your money).

    On average (over say, 100 wheel spins), your 20k will become 19,730. Best odds in the house - you'll lose much more playing blackjack, punto banco, etc.

    Yes, you're right, it's a pretty poor return for the house, but the wheel gets customers in (no casino would be complete without a roulette wheel).

    Given the absolutely huge amount of cash a casino deals in, I'd imagine that there are other ways of making money besides your income from the casino floor.
     
  18. HotdogsFolks

    HotdogsFolks Guest

    From my experience as a student working in the bank, tellers are not the brightest sparks in the world and are more concerned about their crappy wages than someone trying to launder money!

    As we have already established, the OP does not need to worry about having to pay tax on the money, so there really isn't anything to worry about.
     
  19. kkontour

    kkontour Frequent Poster

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    they may not care if you are laundering or not, but they will still ask you, so the OP should have an answer ready.
     
  20. ClubMan

    ClubMan Frequent Poster

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    Actually the limit is €13K (see OASIS) but any transaction of any amount may be queried under money laundering legislation. If somebody has any suspicion about a transaction then they are obliged to query it with the customer.

    Since this thread is basically about money laundering at this stage I am closing it.
     
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