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Where Taxpayers and Advisers Meet

Money Laundering Checks

Joined:Tue Jan 25, 2022 6:34 pm
Money Laundering Checks

Postby sapstar » Tue Mar 28, 2023 9:12 am

I recently went through a divorce and during the financial settlement, I paid a lump sum to my ex-wife. She transferred her equity in our family home to me. Now she is buying a new house and the conveyancing solicitor is asking for source of funds from me. I thought that the court order and completion statement, along with the money transfer she received, would be enough to prove the source of the funds. Why are they asking for statements from me? Is this required?

Joined:Wed Aug 02, 2017 9:09 pm

Re: Money Laundering Checks

Postby darthblingbling » Tue Mar 28, 2023 1:09 pm

Probably more of a legal question rather than tax.

Joined:Wed Aug 06, 2008 3:25 pm

Re: Money Laundering Checks

Postby maths » Tue Mar 28, 2023 4:37 pm

Typically the purchaser of a property is normally required to provide evidence of source of funds used to effect the purchase.

Your ex-wife may state that some of the funds arose from you under the divorce settlement. However, I do not believe you are under any obligation to supply to her solicitor the source of funds you used to pay to your wife.

Joined:Sat Feb 01, 2014 3:26 pm

Re: Money Laundering Checks

Postby bd6759 » Wed Mar 29, 2023 11:25 pm

I agree with you. The court order and completion statement, as well as her bank statement showing receipt of the amount on the completion statement, should be sufficient.

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