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06-04-2021, 03:07 AM
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#3226 | | I only answer to my username, my real name is Irrelevant!
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Why the fuk r those shoes so expensive... wtf
Sneaker market has gone nuts
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06-04-2021, 08:02 AM
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#3227 | | Fathered more RS members than anybody else. Who's your daddy?
Join Date: Aug 2002
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I hope he said, "Keep the change."
Be Kind, be calm, and Stay Fresh!
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"there but for the grace of god go I"
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Youth is, indeed, wasted on the young.
| YODO = You Only Die Once.
Dirty look from MG1 can melt steel beams.
"There must be dissonance before resolution - MG1" a musical reference.
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06-04-2021, 08:22 AM
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#3228 | | In RS I Trust
Join Date: Mar 2003 Location: Mission
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smart move when you think about it, he was running to the US buys the shoes takes them across the border and then sells them so there is no way to track the money.
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06-04-2021, 09:21 AM
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#3229 | | Performance Moderator
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^ Exactly, just burning cash so he doesn’t have to declare or risk it being confiscated at the border
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06-04-2021, 10:49 AM
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#3230 | | I contribute to threads in the offtopic forum
Join Date: Oct 2005 Location: surrey
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^Plus he still gets to flaunt it on IG.
Although you'd think the cbp would still be a little suspicious of brand new shoes in box with receipt and probably some certificate of authenticity.
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06-04-2021, 12:41 PM
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#3231 | | y'all better put some respeck on my name
Join Date: Dec 2002 Location: Vancouver
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Waiting for those Dior J's to show up at a police auction.
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06-04-2021, 01:08 PM
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#3232 | | I only answer to my username, my real name is Irrelevant!
Join Date: Oct 2002 Location: CELICAland
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| Quote:
Originally Posted by vitaminG  ^Plus he still gets to flaunt it on IG.
Although you'd think the cbp would still be a little suspicious of brand new shoes in box with receipt and probably some certificate of authenticity. | I thought he ran across the border, didn't actually legally cross it
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06-04-2021, 01:20 PM
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#3233 | | Rs has made me the woman i am today!
Join Date: Dec 2009 Location: Burnaby
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Our financial regulatory system is so odd, and is literally built to be circumvented.
A transaction over $10,000 within a bank must be reported to FINTRAC, yet a purchase above that amount in cash to a dealership, luxury store, jeweler, and so forth has zero requirements.
I find it odd our government has ignored this loophole for so long now.
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06-04-2021, 02:41 PM
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#3234 | | RS has made me the bitter person i am today!
Join Date: Dec 2008 Location: Richmond
Posts: 4,871
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| Quote:
Originally Posted by mikemhg Our financial regulatory system is so odd, and is literally built to be circumvented.
A transaction over $10,000 within a bank must be reported to FINTRAC, yet a purchase above that amount in cash to a dealership, luxury store, jeweler, and so forth has zero requirements.
I find it odd our government has ignored this loophole for so long now. | Hold up, if this is true, isn't this posssible?
Customer with cash walks into watch store #1, buys a $50K watch in cash.
WS#1 now holds $50K cash, Customer now basically has a "promissory note" for $50K, as some of us know, some watches hold or increase in value.
So now Customer goes into WS#2 and sells his watch, maybe for $47K, lets call it the cost of doing business.
In this instance lets pretend WS#1 and WS#2 are the same store, but different branches.
So WS#1 has the $50,000 in cash from customer, "buys" their own product back via WS#2 for $47,000 with the same cash taken in at WS#1.
Now on paper, WS#1 & WS#2 both did a perfectly legal transaction in the eyes of the government.
So the customer walks away with $47,000 of "Clean money"???
As you can easily just say "My father/grandfather left me that watch"?
Someone please tell me it isn't that easy.
Last edited by Qmx323; 06-04-2021 at 03:00 PM.
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06-04-2021, 02:45 PM
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#3235 | | Need my Daily Fix of RS
Join Date: Sep 2013 Location: Vancouver
Posts: 287
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| Quote:
Originally Posted by mikemhg Our financial regulatory system is so odd, and is literally built to be circumvented.
A transaction over $10,000 within a bank must be reported to FINTRAC, yet a purchase above that amount in cash to a dealership, luxury store, jeweler, and so forth has zero requirements.
I find it odd our government has ignored this loophole for so long now. | This is also false
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06-04-2021, 02:56 PM
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#3236 | | In RS I Trust
Join Date: Mar 2003 Location: Mission
Posts: 20,732
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they closed the loophole with paying cash for a vehicle years ago.
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06-04-2021, 03:22 PM
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#3237 | | Rs has made me the woman i am today!
Join Date: Jun 2006 Location: Burnaby
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Originally Posted by bossha This is also false | It isn't, FinTRAC confirmed themselves it isn't. It's in the damn article. Quote:
Unlike other businesses, stores are not required by law to report suspicious transactions over $10,000 to the Financial Transactions and Reports Analysis Centre of Canada.
However, FinTRAC’s Mélanie Goulette Nadon said in an email that stores or individuals “can report suspicions of money laundering or of terrorist activity financing to FinTRAC through the centre’s voluntary information form on its public website.”
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06-04-2021, 03:23 PM
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#3238 | | Rs has made me the woman i am today!
Join Date: Jun 2006 Location: Burnaby
Posts: 4,072
Thanked 6,795 Times in 1,657 Posts
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| Quote:
Originally Posted by Qmx323 Hold up, if this is true, isn't this posssible?
Customer with cash walks into watch store #1, buys a $50K watch in cash.
WS#1 now holds $50K cash, Customer now basically has a "promissory note" for $50K, as some of us know, some watches hold or increase in value.
So now Customer goes into WS#2 and sells his watch, maybe for $47K, lets call it the cost of doing business.
In this instance lets pretend WS#1 and WS#2 are the same store, but different branches.
So WS#1 has the $50,000 in cash from customer, "buys" their own product back via WS#2 for $47,000 with the same cash taken in at WS#1.
Now on paper, WS#1 & WS#2 both did a perfectly legal transaction in the eyes of the government.
So the customer walks away with $47,000 of "Clean money"???
As you can easily just say "My father/grandfather left me that watch"?
Someone please tell me it isn't that easy. | In theory, yes, but I would think when WS#1/#2 goes to deposit that money in a bank, they'll have to provide details - especially if it's a business. Mon and pops aren't depositing 50K at once, and generally large amounts like that are for a couple high $ items so not hard to disclose.
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06-04-2021, 03:31 PM
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#3239 | | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 37,699
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So somthing going on right now in the indoor growing community is 100% money laundering/fraud
There are grow Facebook groups where there are these presumably, fake profiles almost all of a similar looking Asian woman. These reps are contacting people directly to “test” their shitty Chinese LED grow lights. This contact from FB will then PayPal you money to buy the light in exchange for a review...
People are going crazy for it and it’s rampant af
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Dank memes cant melt steel beams
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06-04-2021, 03:33 PM
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#3240 | | RS has made me the bitter person i am today!
Join Date: Dec 2008 Location: Richmond
Posts: 4,871
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| Quote:
Originally Posted by inv4zn In theory, yes, but I would think when WS#1/#2 goes to deposit that money in a bank, they'll have to provide details - especially if it's a business. Mon and pops aren't depositing 50K at once, and generally large amounts like that are for a couple high $ items so not hard to disclose. | But if the customer got back $47K cash via buyback, wouldn't the bank would only be processing the "profit" of $3K cash?
All this honestly... just makes me think that the government isn't super interested in putting a stop to this. Think of all the tax revenue these luxury stores are bringing in regardless of the legitimacy of the cash they take in.
Kinda seems like as long as you pay the tax man, you're good to go?
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06-04-2021, 03:49 PM
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#3241 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,641
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There’s the rub for the government too... that gangster goes shopping they just made $3,161.40 off that mofo in taxes that they wouldn’t have otherwise made
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06-04-2021, 08:13 PM
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#3242 | | My homepage has been set to RS
Join Date: Apr 2004 Location: Vancouver
Posts: 2,286
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Kind of sheds a light on why the luxury buy/resell market is super strong in Vancouver doesn't it. I mean, its nowhere near the level of parking offshore and dirty money in property but its still something.
I'd figure most people would already know this, but the banks are the worst places to do your money laundering and/or rob as much of a target they seem to be. The levels of policy built in and protections in place is a million times higher than almost any other business out there.
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06-05-2021, 12:33 AM
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#3243 | | Banned (ABWS)?
Join Date: Oct 2004 Location: Vancouver
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06-05-2021, 12:36 AM
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#3244 | | I only answer to my username, my real name is Irrelevant!
Join Date: Oct 2002 Location: CELICAland
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They mustve slammed into the bus
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06-05-2021, 12:51 AM
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#3245 | | Rs has made me the man i am today!
Join Date: Nov 2008 Location: Vancouver
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Top right corner
looks like head on crash into bus https://www.reddit.com/r/vancouver/c...t_41st_knight/
top comment says it's a VPD SUV that hit the bus
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06-05-2021, 07:38 AM
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#3246 | | I answer every Emotion with an emoticon
Join Date: Nov 2002 Location: 604
Posts: 7,968
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Fucking gangsters ... just die already, everyone of you. Do it like real men ... have 2 of your top bosses go to a farm and settle this shit with a good old fashion Western quick draw and leave the rest of us alone.
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06-05-2021, 08:06 AM
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#3247 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
Posts: 4,640
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Maybe the VPD should learn to drive and vi some of their own cars
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06-05-2021, 08:32 AM
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#3248 | | Rs has made me the man i am today!
Join Date: Oct 2005 Location: Langley
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Originally Posted by Qmx323 But if the customer got back $47K cash via buyback, wouldn't the bank would only be processing the "profit" of $3K cash?
All this honestly... just makes me think that the government isn't super interested in putting a stop to this. Think of all the tax revenue these luxury stores are bringing in regardless of the legitimacy of the cash they take in.
Kinda seems like as long as you pay the tax man, you're good to go? | The government is very interested in putting a stop to this... In Sept 2023 1 month before the federal election.
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06-05-2021, 10:20 AM
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#3249 | | I answer every Emotion with an emoticon
Join Date: Nov 2002 Location: 604
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If it turns out to be a police SUV that hit a bus head on ... that shows the complete moronic incompetence of the police. Even if you were chasing a bad guy ... how the fuck do you hit a bus head on ... didn't see it coming? My see lai mom in Richmond can't park for shit but at least she can avoid a bus!
Last edited by whitev70r; 06-05-2021 at 10:42 AM.
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06-05-2021, 10:52 AM
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#3250 | | My homepage has been set to RS
Join Date: Apr 2004 Location: Vancouver
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That was an exceptionally long amount of tire skidding you could hear before the actual impact. That car must've been completely hauling ass.
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