USA VEHICLE DEALERS MONEY LAUNDERING
April 1st, 2005
BY ALAN OSBORNJUST because American car and truck dealers are not, at present, required to operate formal anti-money laundering programmes doesn't mean they're a soft touch for people who want to hide illegal cash. Say you wanted to buy a used car for US$11,000 in cash. The vendor might well suggest you paid just under US$10,000 in cash and charged US$1,000 on a credit card, so avoiding the requirement to file IRS Form 8300, which applies to all cash deals of US$10,000 or more. Bad move. In the eyes of the US government the two transactions are related and amount ...
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