My cousin moved to Australia years ago and his fixed term ISA has matured. He has paid tax on the interest in the uk but says he has no uk bank to move the money to as the bank has closed it. He wants to make me a trustee to receive the money and then me to transfer the money to his Australian bank. I am concerned if there are any tax or legal implications with this scenario and want to check if this is ok. I don’t understand why he can’t move the money direct from his ISA to his own Australian bank account. My gut reaction is to just refuse this request.:
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2Without wanting to cast aspersions, there are a number of eyebrow-raising things about this. So, is this person your actual cousin, blood relative, met in the flesh? are you sure the person you are now corresponding with is your actual cousin? Can this person explain why they need you to do this smells-heavily-of-laundering activity?– AakashMJul 26, 2022 at 7:36
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1 Answer
I would suggest using a fincon like TorFX to handle this transaction. They will perform the necessary due diligence and AML checks required for the transaction to complete at both ends as seamlessly as possible.
this is a link to TorFX Australia who your cousin could first try.