Is it legal for me to keep another persons money in my bank account?

ust

I posted a thread this evening in the State Benefits forum http://www.boards.ie/vbulletin/showthread.php?p=73786218#post73786218


My parents moved to Australia in 2005, before they left they regularly lodged money to a savings account I held with a few thousand euro in it. The reasoning behind this was because they didn't want to risk losing everything if the dollar bombed or if the move didn't go to plan, to not have to worry about exchange rates or carrying money when returning to Ireland on holiday. They knew I would move it about each year to get the best interest rate and most importantly as they are not very tech savvy I could book flights or transfer money to them when required. I have not benefited from having their money in the account, but the interest and DIRT would have been paid in my name at the end of each term.

I was unexpectedly let go from work yesterday so I will have to apply for social welfare on Monday. Aside from probably finding it incredulous that I have an account with €85,000 in it but only €7,000 is actually mine. What is the actually legality to holding a family members money in your bank account? All the money was legally obtained and was lodged mostly between 2003-6. I have probably switched the money to four or five different institutions in that time to get the best rate of interest so I couldn't provide a transaction slip or even remember every individual lodgement at this point, beyond what each bank has on file for the account when it was with them. Am I breaking any laws and if I am what is the best way of rectifying this?

coylemj

If you were only recently let go then you will be applying for Jobseeker's Benefit which is not means tested. Depending on how long you were working and paying social insurance, you could get this benefit for up to a year, then if you want to keep claiming a weekly payment you will apply for Jobseeker's Allowance which is means tested, only then will the people in Social Welfare ask you about your means - how much you have the bank etc.

To answer your question directly, there is nothing illegal in having someone else's money in your bank account so long as it is not for the purposes of assisting them to illegally evade tax.

not even wrong

coylemj wrote: »

To answer your question directly, there is nothing illegal in having someone else's money in your bank account so long as it is not for the purposes of assisting them to illegally evade tax.

Or if the money is the proceeds of crime, then it falls under the money laundering legislation.

Criminal Justice Act, 1994, Section 31 wrote:

(3) A person shall be guilty of an offence if he handles any property knowing or believing that such property is, or in whole or in part directly or indirectly represents, another person's proceeds of drug trafficking or other criminal activity.

ResearchWill

I thought non residents did not have to pay DIRT tax, it that is still the case it would have been better to set up such an account in their name giving you a power of attorney in relation to the money.

Zambia

Is the money just 'resting' in your account?