Front companies being used to launder illicit cannabis cash in Canada, financial intelligence agency says

In a new operational alert, the Financial Transactions and Reports Analysis Centre of Canada, known as Fintrac, warns banks and others that handle cash to be on the lookout for various clues that dealings are linked to the black-market pot trade.

Fintrac says the illicit cannabis market denies public coffers significant tax revenue, while profits in the tens of millions of dollars are used by organized crime groups to finance other illegal and harmful activities. As a result, whether Canadians know it or not, they’re helping finance other criminal activity in their communities, “which is making themselves and their neighbours unsafe, in terms of where they want to live and how they want to live,” MacKillop said.

Front companies used most frequently to launder proceeds included e-commerce businesses in the beauty and wellness industry, food and beverage wholesalers, automotive-related businesses, electronics repair services, construction-related firms, and those in marketing, advertising and consulting.

Good, fuck the fed taxes.

Because they have better products than the government sanctioned facilities. It’s called illicit because Justin doesn’t get his tax money from it and he’s jealous.

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Front companies being used to launder illicit cannabis cash: intelligence agencyCanada’s financial intelligence agency says a wide range of businesses — from food wholesalers to electronics repair services — are being used to disguise the proceeds of illicit cannabis operations. God that weed looks horrendous Fintrac can bugger off & cannot be trusted with CDN accounts. If weed was truly legal, there would be no such thing as illicit cannabis. But the government wants a big cut of that pie You can find higher quality, higher THC% & much lower costs with the online black market ✌ Taxing a plant 44% is a bad business model for the government and anyone who thought they could start a business with a legitimate store front. They skipped the slow play they had with 100 years of selling alcohol, and jumped to far into taxation off the start.
Source: CP24 - 🏆 30. / 67 Read more »