Opinion: Against the backdrop of needed action from Ottawa, the New Democrats continue to mull calling a public inquiry into runaway money laundering, with a view to placing political blame on the …
VICTORIA — As money laundering expert Peter German tells it, Canada left the luxury car market wide open for the cash-only transactions preferred by criminals.
The reporting entity for those cash transactions ought to be FinTRAC, the federal government’s clearing house for monitoring money laundering and other suspected proceeds of crime. • High-end vehicles that are purchased for resale to export markets where they will fetch a higher price.• Plus there’s the related abuse of luxury vehicles that are stolen here then shipped abroad to markets where no questions will be asked.
“There is no ability to determine the source of wealth of luxury vehicle purchasers when foreign credit and other payment systems are used.” “Canada would benefit from universal reporting of cash transactions over a threshold as exists in the U.S.” The threshold being “$10,000 in cash in a single transaction or related transaction” and the reporting requirement applies to anyone in trade or business.“Auto dealerships are included among the businesses required to comply with this obligation,” says German. “The failure of a car dealer suspected of laundering to comply with the law can result in a charge.
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