Help with transfering £'s

[ukpokerplayer]

A friend of mine wants to start playing poker for real. He is a pretty good player, but at the moment he has no money to play with. I have offered him a starting bankroll for a % of his winnings.

I was wondering if there is anything dodgy about this. I would simpy be transferring say £5000 to a new bank account of his, which he would then use, and trasnfder me back £5000+ after a month or so.

Is this breaking any laws like money laudering?

[daveymck]

If beween bank accounts then is fine no laundering involved and all above board. But if you are loaning him 5 grand I would want some sort of enforceable contract.

If you do it via bank account there also may be tax implications if he gives you your 5k back plus interest and maybe an ongoing monthly sum then I would expect it to be outside gambling income and may be taxable. If you did the transactions outside of banks ie on the poker sites then it would probably get round this being noticed, but do it properly via the cashier in chunks if neccessary not at the tables.