The Scylla chair in financial criminality will make a lovely addition to the Isis faculty at Riyadh university tho

a) it only occurred to u in the Uber home??

b) how does laundering for your profit benefit them?

c) if it is Money Laundering, it's a pretty pitiful way of doing it

Oracle to be fair I'm one of those people who generally believes that everyone is on the level and it takes me quite sometime to realise that some people aren't. 

And to be holding a rather substantial wad of cash in your hand kind of boggles the brain a bit. 

Martian it might seem to be but if you were turning over 10-12 cars a day it would add up.. 

When I pulled up I parked next to a Ferrari Spyder so I'm guessing they turn over quite a few high value cars. 

Not sure how that would work from a laundering point of view as clearly it would be somewhere in their records that £6k went out.  Normally when laundering you create fake sales to account for money coming into your account. 

More likely that they are buying and selling in cash and not declaring it to the tax man so the cash they paid you came from a buyer and has never been near their bank account or their accounting records.

no it wouldn’t add up Scylla cos the trouble with it is ur handing over ur illicit profit to other people

unless ur suggesting this is some sort of Robin Hood style money laundering op

Money laundering is about getting cash into the economy in a way that can be traced and appears legit. 

They don't need to be making a profit for it to be worthwhile for them. 

Sails... 6K was the difference between what this one paid and the next highest quote.. not the value of the car. 

Heh u guys need to learn about wot money laundering is.   IF they have £20k dirty money and they swap it for a car worth £14k and then sell the car, they end up with roughly a 25% cleaning bill.  Not a bad return at all.

Isn't the entire economy where you live based on money laundering?

I wouldn't know about that Linda.

I have heard stories about the property market here but I've never seen it or come across it in person. 

My dad had a very similar experience once - people came to the house and bought the car for cash on the spot and an unusually large amount,.

He got a visit a month later from the police asking who he'd sold the car to as it had been used as a getaway for a robbery. 

Was yours by any chance a nippy car?

anyway - hooray for extra £6k

I feel like this is one of those proceeds of crime act exam questions tbf

I'm just glad you made it out of the dusty car park in one piece. Sounds well dodgy 

Was yours by any chance a nippy car?

Ah... very 

aren't you freaked out about what might happen if the emirati police think you're prima facie indicated in a crime???

Well. 

The only concerns here are that they paid retail value for my car and paid in cash.  Neither  of those things is illegal...  just odd. 

TBH, taking cash for it away from the office could mean that if it is involved in a crime, you may have it harder to prove that you sold it on, unless there is a paper trail (e.g on emails)

register your sale with whatever the local equivalent of DVLA is, fast.

already done Escaped.

Fingers crossed it all comes to nothing

Tec your idea doesn't work as they still need to some how show where they got the money to buy the car they've sold.  Usually the person with the dirty cash hands it to someone as part of a transaction and it's ultimately then handed back to the person it came from as part of an apparently legitimate transaction.

It's more likely that they are involved in something like cloning the car they've bought then using the clone for criminal purposes which means they are prepared to overpay because they're going to make more than a straight dealer would by reselling the car.

Sounds dodgy AF.  

A Nippy car? Like a Nissan or a Toyota?

Racist

Sails, just.. stop.  You’re wrong.  

Anyway, you should realise by now that the majority of cash for the cartels gets laundered in almost exactly this way, buying fleets of cars from US manufacturers.  Back in the late 90s there was a meeting in the White House about it and it is on record (helpfully) as having an Ops Director of the CIA tell senior execs from car manufacturers that they were laundering too much drug money.

Not that they were laundering it at all, but too much.  Still. MAGA etc eh?

I’d be more worried that:

1. The notes were counterfeit.

or

2. One of their mates would be waiting round the corner to conveniently mug me and gate the money back.

And what did your own bank say about having so much mooolah in cash when you paid it in?

But Tec they’d buy cars in cash from dealers who’d then buy services back off the criminals giving them apparently clean cash.  Buying a car of Scylla for cash results in them just losing the cash...

Just stop.  Please.  There is always a price to pay to clean dirty money, that’s why it’s not worth as much as clean money.  Think of it like a foreign exchange or something. 

Yes but you’re ignoring the basic book keeping.  If the car dealer gives away cash and gets back less it shows up as a loss and they still have to explain the source of the cash.  You need to create a false sale in the first place to explain having the money to spend on the laundering transaction.  That’s why my potential clients will come up with a good story to explain why they have the cash I’ll ise to buy a property that they then sell on.

Dear god.  They buy car using dirty cash.  They sell it to get (less) clean cash.

Ive sold a few cars of mine over the years and never once has anyone ever asked me to explain how I bought it in the first place.

No Tec but you’re not a car dealer with a lot and accounts and a VAT registration and the like.  If you’re a regular dealer with a lot and the like your accountant needs an explanation of where the cash came from to buy stock.  It’s very different to you selling the odd car in a personal capacity.

Pretty sure Scylla isn’t discussing a UK dealership m7.  I imagine vat registration would be the source of much amusement out there.

No but any business still has registration formalities in its jurisdiction.  The classic laundering options are night clubs and casinos as both offer the ability to run a legit business that pays a load of cash into the bank on a Monday.  The club buys a load of booze then sells it cheap out the back door and still turns a profit so no questions are asked.  Infernos in 2000 was a classic example of this.

Dear god.  They buy car using dirty cash.  They sell it to get (less) clean cash.

Yes, but this is apparently a business not an individual, your scenario works for an individual not a business.

As a business the buyer will have to already have some cash in its books in order to be seen to be able to buy the car. That part of the purchase money in its books doesn't have to be washed because it is already visible in the business. It is only the delta between the purchase money in its books and the purchase money the buyer pays Scylla that is being washed.

When the buyer sells the car on it sells it for more than the amount of the purchase price amount in the books and the 'profit' is the washed amount.

So it buys for 20, using 10 from the books and 10 dirty money

Sells for 15.

10 goes back in the books, and 5 'profit' is the washed / clean amount the buyer can pay itself as a bonus.

On this scenario the buyer is getting 50p in the pound on its dirty money.

Much better to take out bank loans across a few banks, stash the (clean) loan money and pay back the loans monthly over 3 years using dirty money. The cost of conversion being the interest on the loan. (I dealt with a chap who actually did this a couple of times)

Much better to take out bank loans across a few banks, stash the (clean) loan money and pay back the loans monthly over 3 years using dirty money. The cost of conversion being the interest on the loan. (I dealt with a chap who actually did this a couple of times)

This only works if you have assets against which the bank will loan you money in the first place. 

There are loads of different ways to launder cash all of which are highly dependent on individual jurisdictions, laws and enforcement. 

Also Suggers.. your example leaves out one other obvious option for cash cleaning. 

You keep two sets of books and declare that you sold the vehicle at a much higher price than you actually did. 

So you buy at 20, record in the books that you bought at 10, then sell at 20 and record that you sold at 30. 

And like magic you have doubled your 'clean money' at zero cost to you.

So according to the Australian authorities... this is actually one of the most common methods. 

Part A – Under-valuation

Under-valuation involves recording the property value on a contract of sale which is less than the actual purchase price. The difference between the contract price of the property and its true worth is paid secretly by the purchaser to the vendor using illicit funds. The criminal (purchaser) is able to claim that the amount disclosed in the contract as having been paid is consistent with their legitimate financial means. If the property were sold at the market or higher value, the apparent profits would serve to legitimise the illicit funds

Don't you need a complicit vendor who doesn't stick the full sale price on their tax return?  Here HMRC do some times cross-reference that kind of information.

What private seller like me is going to report the money they got from a private asset sale in their tax return?

It’s not even taxable. 

Well if you sell an expensive artwork or the like there could be a capital gain that should be reported.  If you sell an asset to a company then they'll report it in their accounts in some manner.

My car was not an expensive piece of art nor did it have a capital gain. 

The whole point of this transaction, and any other related ML transaction,  is that the company to which I sold it to is unlikely to be doing that reporting correctly. 

Yes there are just more efficient methods of money laundering that don't involve over paying a total stranger for an asset and where you get the vast majority of your money back laundered.

Having read the thread I have two observations: - 

a) If this was a money laundering operation it was a very shit one. 

b) why the fook do you care? Yes you are overthinking this. 

Launder THIS ./.