Bitcoin/GBP withdrawal issue...

[TheAnimus]

You make a good point in the fact that the conventional world many systems are broken.

However the problem is that most nations AML rules (Anti-Money-Laundering) will prohibit the use of them for anything.

My understanding, IANAL, but I have some CFA certificates, is that it would be illegal for me to accept payment in bitcoins, because I don't have a proper chain of trust.

I would love to trade bitcoins, but I can't legally as is. The UK has very strong punishments if I accepted money for a service and that money came from someone we have sanctions against. To me its simply not worth the risk. I am sure there are some lawyers figuring out creative ways around this mind!

[ehhhhhhh]

You make a good point in the fact that the conventional world many systems are broken.

However the problem is that most nations AML rules (Anti-Money-Laundering) will prohibit the use of them for anything.

My understanding, IANAL, but I have some CFA certificates, is that it would be illegal for me to accept payment in bitcoins, because I don't have a proper chain of trust.

I would love to trade bitcoins, but I can't legally as is. The UK has very strong punishments if I accepted money for a service and that money came from someone we have sanctions against. To me its simply not worth
the risk. I am sure there are some lawyers figuring out creative ways around this mind!

Fincen made it clear how to handle business with crypto currencies in the US. I expect other countries to follow soon.

I understand your fear, but I think you get it a bit backwards. Mainly for the reason that governments have never dealt with anything like this before, hence the fact that they have no rules for it in place, as of yet. This doesn't make it illegal in any way. Furthermore, even if they deem it illegal I think it cannot be cast aside easily. And I hope there's enough people willing to fight for it.

[mikerr]

Bit coins as can be laundered far too simply, as everyone who's used the silkroad can tell you.

I think that's just the criminal edge being first to exploit new tech,
in a similar way that new web technologies are usually first used in adult industry.

[TheAnimus]

UK's AML laws cover anything that is an asset, otherwise people would simply launder money by buying gold or pretty much anything.

I for one definitely do not one to be the person who fights for it, if it turned out you had a coin which had originated from say a certain religious terror group, you could end up detained without trial.

But mostly I'd never be allowed to be a CFA trusted person.

I'll let someone else who is more interested fight it, and I'll be really interested to see the solution. I am in mixed minds about this if you can't tell, I like the idea of a crypto currency, but as the silk road shows, it has tremendous potential for abuse. I'm not talking about someone buying some MDMA or whatever, there are sites where they claim to sell all sorts of things (we won't get into them on hexus!) which frankly make me shudder and hope that they are just trolling.

The 500 euro note was the tool of choice for serious organised crime before it was withdrawn, if bitcoins become stable, I'm sure it will be used the same way!

[TheAnimus]

I think that's just the criminal edge being first to exploit new tech,
in a similar way that new web technologies are usually first used in adult industry.

In the UK, if you do any business and fail to do your AML, you are liable for any upstream issues.

As is you can't do your due diligence AML on BitCoins.

There is probably a really good business for someone smarter than me there, it will be interesting to see any solutions

[ehhhhhhh]

In the UK, if you do any business and fail to do your AML, you are liable for any upstream issues.

As is you can't do your due diligence AML on BitCoins.

There is probably a really good business for someone smarter than me there, it will be interesting to see any solutions

Having searched the internets I have found the following:

HMRC, the UK government's tax-collecting body, says people do not
incur a tax liability when trading in bitcoins as long as they do
not turn their profits into regular cash. Once conventional money is
involved, however, the income could become taxable, HMRC told New
Scientist.

the original article

without subscription

Basically, it's the same as Fincen regulations as expected.

[TheAnimus]

Thats personal taxation.

I'm talking anti-money laundering.

The treasury has a brief overview of (just some of!) the rules:
http://www.hm-treasury.gov.uk/fin_money_index.htm

[imginy]

Hey guys I'm trying to take £75 out of mtgox via banktransfer but 30mins after I do the transfer the money appears back in my mtgox account.

Any ideas?

[ehhhhhhh]

Hey guys I'm trying to take £75 out of mtgox via banktransfer but 30mins after I do the transfer the money appears back in my mtgox account.

Any ideas?

Have you contacted support?

did they resolve your issue?