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.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:
Sverige Senaste nytt, Sverige Rubriker
Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.
Vaughn Palmer: Report reveals 'thick of money-laundering' in B.C. luxury car marketVICTORIA — When money-laundering expert Peter German turned his attention to the luxury car market late last year, he was not long in assembling the telling anecdotes that made his earlier fi… It's out of control... but we already knew that didnt we? charlesadler But what about the friggin whales
Källa: VancouverSun - 🏆 49. / 61 Läs mer »
German Report reveals extensive money-laundering in B.C.'s luxury car marketThe analysis is part of a wider review that also outlines how dirty cash is washed through B.C.'s real estate sector GlobeBC BC Liberals allowed this to happen. GlobeBC Classic, relying on a German report to expose the money laundering issue. It's time Canadian officials roll up their sleeves and tackle the issue head on.
Källa: globeandmail - 🏆 5. / 92 Läs mer »
Western Canada: Second report on B.C. money laundering focuses on luxury car marketSpike in exports of luxury cars corresponds with the growth of suspicious cash transactions at casinos and also with the explosion of the real estate market, Attorney General David Eby said
Källa: globeandmail - 🏆 5. / 92 Läs mer »
Jason Kenney's ‘open for business’ message finds receptive audience on Bay Street‘The problem is that we have in Ottawa a government that is layering more and more anti-business, anti-investment policies on top of one another,’ Kenney told the Post Not just Bay Street. We are all wishing for prosperity once again. what industries will go to Alberta when Kenney isn’t pushing expansion of industries outside oil and gas Alberta is the provincial version of Blackberry. The phone market was lucrative while it lasted BB’s competitors diversified and grew marketshare,they didn’t. Watching their business empire slowly collapse while everyone else thrives They could see the future but couldn’t stop it
Källa: VancouverSun - 🏆 49. / 61 Läs mer »