Who wants a quick thread on money laundering with cars? 🙋♂️
You might have noticed 🇨🇦 cities known for money laundering also have a large number of luxury vehicles.
Recently they discovered part of this has to do with the cars being used to launder.
<thread> 🧵👇
You might have noticed 🇨🇦 cities known for money laundering also have a large number of luxury vehicles.
Recently they discovered part of this has to do with the cars being used to launder.
<thread> 🧵👇
2/ It's stupid easy. You buy a car with a bag of cash, then sell the car back to the dealership a year later.
Dealerships aren't equipped to determine how you got the money. They don't have the resources or training.
Dealerships aren't equipped to determine how you got the money. They don't have the resources or training.
3/ You could be a dad who saved $100/week to buy the car of your dream, or a guy that just chopped someone up with a cleaver for $250k. They have no clue.
The money goes into the dealership's account, where it's processed as legit business, and you drive away with a super car.
The money goes into the dealership's account, where it's processed as legit business, and you drive away with a super car.
4/ You return a year or so later, and sell the car. The dealer pays you a cheque that you cash, that has a clear source – you sold a car! Easy peasy.
A super car isn't just great because they move a lot of money, the depreciation is low. 3-15% from new on the first year.
A super car isn't just great because they move a lot of money, the depreciation is low. 3-15% from new on the first year.
5/ This makes it *much* cheaper than a traditional washing business. Normally you'd set up a frozen yogurt stands or whatever, run it through as sales, and then pay ~20% in taxes to the government.
The only cheaper method I've stumbled on is hot money brokers.
The only cheaper method I've stumbled on is hot money brokers.
6/ Now why does this happen in Canada and not the United States?
According to a report commissioned by the BC government, the US considers all large cash sales suspicious. Canada does not.
According to a report commissioned by the BC government, the US considers all large cash sales suspicious. Canada does not.
Sure, Canadians live totally surrounded by the world's largest criminal organizations. That sucks.
But look at the bright side! There's so many used supers cars for sale in Canada, some models are cheaper than in LA or Miami.
But look at the bright side! There's so many used supers cars for sale in Canada, some models are cheaper than in LA or Miami.
I've also heard some of the stories that didn't make the report.
It's a lot worse than the government makes it seem, and the government made it seem pretty bad. 😂
It's a lot worse than the government makes it seem, and the government made it seem pretty bad. 😂
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