Grocery bags full of cash hauled into car dealerships. Gangsters paying for auto leases with proceeds of crime. A thriving grey market in which Chinese buyers pay people to purchase cars in Vancouver and claim millions of dollars in sales tax refunds.
Vancouver’s preponderance of supercars has long raised eyebrows. Its University of British Columbia has been called the University of Beautiful Cars for its student-owned fleet of Lamborghinis, Aston Martins and Porsches. At one point, the city of 2.4 million had one of the world’s top-performing Rolls-Royce dealerships. As one dealer quoted by the report puts it, “we are selling way too many luxury and premium cars for this economy, for what people earn here.
The scheme provides an easy way for illicit money to be placed in the financial system since car dealerships can accept large cash payments and aren’t required to report them, according to the report. “Furthermore, as this trade-based activity involves large dollar sums leaving China, it generally requires the services of an underground banker,” it said.
The probe also investigated money laundering in horse racing, where it didn’t find much cause for concern, and in real estate. The chapters on real estate will be released in the coming days, Eby said. Meanwhile, the government is already preparing plans to more closely regulate the luxury car sector and review the sales-tax refund program, he said.
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