If you head into your bank with $10,000 in cash and ask to deposit it, the bank must report that transaction to the Financial Transactions and Reports Analysis Centre of Canada – FINTRAC. If you buy precious metals or stones with that much cash, the store must also report it to FINTRAC. Same goes for accountants, real estate brokers/agents/developers, casinos, securities dealers, life insurance companies, and money services businesses.
Crime vehicles: high-end criminals like high-end cars. Luxury vehicles are purchased with dirty cash or leased or rented which means law enforcement has a harder time seizing them. Independent luxury car resellers: “Select resellers of luxury vehicles are often noted for their willingness to deal with individuals involved in organized crime, many of whom are known to the police for serious criminal histories, typically for drug trafficking.”
Organized crime funnels millions of dollars through car purchases. Some are the flashy headlines you read where someone tosses a duffel with $400,000 in it on a sales desk and walks out with a supercar. But Smith says more likely, it’s transactions involving multiple vehicles. That cash customer reselling is where the true danger in all of this lies. “Cars represent a lot of things,” says Smith. “They are used for the moving of contraband, but they are also used to pay for contraband. This is about drug trafficking and terrorism. Criminals can’t send a money transfer to pay for something, but they can move around a lot of expensive cars. They can even use those cars to transport contraband. This is drug money being moved to the cartels.
drivingdotca Then in which industry is allowed?
drivingdotca Why do we allow it in the casino industry?
drivingdotca Just take a look at all those Write off!Its all about the money.This story will go away and the money will continue.
drivingdotca Simple it’s because money laundering is a white collar crime, big boys, big money, big payouts, big toes to step on. If you really want an answer, follow the money straight back to the govt in some way shape or form
drivingdotca This could be resolved on the blockchain via vechainofficial VET