C.1) Methods of Money Laundering through the Refining of Banknotes 10. Pokerstars lite app real money. Individual launderers or organized groups use casino services to refine large amounts of low denomination banknotes into high denomination notes. This method of money laundering is more often associated with the legalization of proceeds of crimes. The first stage of money laundering, placement, requires the placement of criminally.

A saleswoman shows customers an Aston Martin at a luxury car dealership in Vancouver, British Columbia on October 10, 2015. Sales of expensive cars and export to China have jumped and is being tied to money laundering (Julie Gordon/Reuters)

Money laundering definition from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) : the process used to disguise the source of money or assets derived from criminal activity. There are generally three stages in the process:

-Placement: involves placing the proceeds of crime in the financial system;
-Layering: involves converting the proceeds of crime into another form and creating complex layers of financial transactions to disguise the audit trail and the source and ownership of funds (e.g., the buying and selling of stocks, commodities or property); and,
-Integration: involves placing the laundered proceeds back in the economy under a veil of legitimacy. (FINTRAC)

Last year an international investigation led by Peter German, former deputy commissioner of the Royal Canadian Mounted Police, estimated that British Columbia’s casinos were being used to launder up to $1 billion annually. The report suggested the money was coming primarily from Asian crime groups who then invested in expensive Vancouver and area real estate.

B.C. Attorney General David Eby (background) and investigator Peter German at the release of German’s report, Dirty Money, in Vancouver, June 27, 2018, into money laundering at B.C casinos, German’s latest report looks at laundering through exotic car purchase and export. (Yvette Brend/CBC

Casinos- now luxury cars

Does money laundering happen often in casinos

Suddenly Vancouver has also become a North American hotbed for extremely expensive exotic cars.

Now investigator Peter German has found the loophole. While large scale transactions involving cash raise alarms, this has not been the case for vehicle sales, including super exotic cars where dealers are not required to report large transactions to FINTRAC.

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B.C. Attorney General David Eby noted in a news conference about the findings said ,“In the luxury-car market, there is no financial reporting of large cash purchases, no oversight of international bank wire transfers and no apparent investigation or enforcement. The report also uncovered a complicated luxury-vehicle export scheme.”

Sales of exotic cars have skyrocketed in Vancouver and at other exotic dealerships elsewhere in the province. Provincial sates tax is returned to buyers if the car is not be licensed in B.C. such as if it is exported. Last year $28 million in tax was rebated to buyers who quickly exported the cars, mainly to China.(Christina Low)

Criminals use straw buyers who sometimes bring bags of cash for vehicle purchase or non-identifiable bank drafts, from small amounts of international wire transfers sent to multiple bank accounts., Perhaps surprisingly, a story in the Vancouver Sun noted that some of the so-called straw buyers were not able to speak English.

Does Money Laundering Happen Often In Casinos Use

The vehicle then is turned over to the “real” buyer who may then resell to an exporter who ships it offshore, usually to China.

The Lamborghini Aventador SVJ on display at the Auto Exotica exhibit of the 2019 Canadian International AutoShow. Dealers at the show say sales have been kicked into overdrive in the last 3 years, from a few hundred to thousands, often to ‘well healed newcomers” (Philip Lee-Shanok/CBC

Adding insult to injury, once the car is sold abroad, the seller can apply for a rebate on the provincial sales tax. (PST) which on an expensive car can mean a huge sum is returned to the buyer.

Huge increase in exports and rebates given

German’s report notes that prior to 2014, PST rebates were fewer than 100. That jumped to over 700 in the following two years, then to over 3,600 in 2016. Last year the number of rebates give for luxury and exotic cars exported was over 4,400. The rebates total $85 million since 2013, with $28 million of that in 2018.

The report indicates several buyers have made multiple purchases and rebate requests.

The 300 page report is the second portion of investigator Peter German’s look into money laundering in British Columbia. Last June his “Dirty Money” report found substantial money laundering through the province’s casinos.

Video released by B.C’s attorney general shows casino customers bringing in bags of cash to one of B.C.’s casinos in an apparent act of money laundering. (B.C. attorney general)

British Columbia is now studying the report towards developing new rules, however coordination at the federal level would also be required

German’s full report will include money laundering and the real-estate market in the province.

Additional information-sources

Categories: Economy, International, Politics, Society
Tags: Asia, Canada, cars, China, exotic, expenisive, luxury, money laundering, organized crime

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What is Money Laundering?

Does Money Laundering Happen Often In Casinos Like

Money laundering is a federal crime in which large sums of ‘dirty’ currency earned from illegal activity (such as drug or sex crimes) is ‘cleaned’ and deposited into a legally sanctioned banking institutions. The reasoning behind this is due to the fact that banks must report large or suspicious transactions to the IRS.

If convicted of money laundering you could be facing:

Up to 20 years in a federal prison
Up to $500,000 in fines

You must seek legal counsel when accused of money laundering. Our Las Vegas criminal defense attorney has the experience in both, federal crimes and white-collar crimes you need to start building a strong defense.

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Structuring

Also known as smurfing, structuring is when someone takes the total amount of dirty money and breaks it into smaller, less suspicious amounts. They often purchase money orders or cashier’s checks in order to avoid suspicion from the bank. Although money orders and cashier’s checks are completely legal, depositing a large number of them with or around the same total could look suspicious. As such, if your profession requires that you deposit several cashier’s checks or money orders at a time, prepare for the possibility of an investigation for money laundering.

Trade-Based Laundering

Similar to embezzlement, trade-based laundering typically involves altering invoices or business documents in order to disguise dirty money as business profits. Because the money has a paper trail, the bank does not suspect the profits as “dirty.” However, if your business documents show an unexplainable, substantial profit increase, the bank may see it as a red flag and investigate further.

Cash-Business Laundering

If you deposit a large amount of cash for your strip club, car wash, or other cash-heavy business, the bank has no way of knowing if the cash is dirty or not. With no easy way to prove the legality or illegality of your profits, simply owning a cash-heavy business could falsely incriminate you of money laundering.

Bank Capture

This occurs when the money launderers themselves own or run the financial institution. In this case, the money can move throughout the bank and is legally transferable to other banks. Because the money moves without investigation, this form of laundering can be difficult to catch. If, however, you own a financial institution that someone else uses to store their laundered funds, your entire bank could face investig