Report highlights role of luxury car sales in B

“There has been an explosion in the number of grey market vehicles exported to China since 2013, growing canada goose outlet uk sale from less than 100 vehicles in 2013 to over 4,400 vehicles in 2018,” the report states.

The report official canada goose outlet paints a picture of bags of cash being walked into luxury car dealerships canada goose outlet store for the purchase of vehicles bound for this grey market.

In one instance, $240,000 in cash (or about 11 kilograms of 20 dollar bills) was brought to a dealer. The dealer staff took the cash to a bank Canada Goose Online where only a large cash transaction report would need to be filed.

A key takeaway from German’s findings canada goose outlet shop is that luxury car dealers are not required to file suspicious transactions of over $10,000 cash with FINTRAC the Financial Transactions and Reports Analysis Centre of Canada.

“There’s no visibility at the point of sale,” said German. “It’s a wonderful opportunity to launder money.

However, cash payments are quickly turning into foreign electronic canada goose black friday sale bank transfers via the likes of WeChat uk canada goose outlet and UnionPay, which allow Chinese nationals, for instance, to load up accounts with cash in China only to be used overseas.

Eby noted this is the first “detailed” government report in Canada addressing connections between money laundering and luxury cars.

German said the report addresses speculation that Vancouver is the luxury car capital of North America.

The report found 1,000 “straw buyers” connected to a single exporter.

The report claims international students, or those “appearing” to canada goose coats be students, make up a large portion of straw buyers (and “super rich Asian students” are also a big segment of purchasers in the luxury car resale market, according to some police investigators).

“It’s thanks to the provincial sales tax we know a lot about the grey market,” explained German, who poured over PST rebates.

According to the report, if the cars purchased by straw buyers https://www.outletcanadagoose.biz are resold to the exporters within seven days of purchase, then the provincial government refunds the PST.

“Before 2014, fewer than canada goose outlet store uk 100 vehicles a year received the refund. In 2016, the PST was rebated on 3,674 vehicles. Since 2013, almost $85 million in PST refunds have been canada goose outlet online uk paid by government for the export of vehicles. The source and destination of funds for the buyers and sellers, and any income cheap Canada Goose tax reporting by any of these individuals or entities, is unknown,” noted Eby’s office via a news release.

In the end, layers of transactions obscure source of funds and those who benefit from them.

Luxury car resellers are also identified as a money laundering vulnerability due to the lack of transaction oversight.

Noted one police investigator quoted in the report: canada goose outlet black friday The well known gangster “wouldn’t be able to get a liquor or casino licence, but he can own a car dealership.”

Eby said the Ministry of Finance is reviewing the tax refund program and preparing more regulations of the luxury car sector.

German said his report does not quantify the extent of money laundering in the luxury car sector, adding it may be impossible canada goose outlet to do canada goose outlet so. The full report is presently in the hands of government cabinet, according Eby.

German provided Eby with the report on April 1, alongside another report from the Expert Panel on Money Laundering, which was created by the Ministry of Finance to recommend rule changes to close loopholes in the real estate market and increase transparency in property ownership.

German’s report, assisted by former transit police chief Doug Lepard, is an assessment findings of money laundering in the real cheap canada goose estate, luxury car and horse racing industries. It is not a tell all document, noted German. following extensive media reports on organized criminal activity at provincially regulated casinos.

International anti money laundering circles have described money laundering through real estate and casinos as the “Vancouver Model,” whereby drug money is canada goose clearance sale funnelled into assets using casinos and underground banks.

“The absence of dedicated federal resources undertaking canada goose jacket outlet criminal money laundering and proceeds canada goose black friday sale of crime cases is of great concern,” noted German in a news release.

Eby said at a news conference April 8 this discovery explains why so few money laundering cases have been investigated or prosecuted in the province despite an international Canada Goose Parka reputation for such activities and a high level of canada goose canada goose factory sale outlet canada media and public interest.