The luxury car game in money laundering... The Ministry has taken action

The Ministry of Treasury and Finance continues its efforts to curb tax evasion and money laundering crimes. 

Minister Mehmet Şimşek announced the day before yesterday that an investigation would be launched into taxpayers who pay low taxes while owning super-luxury cars. In studies conducted on 7,885 vehicles in the luxury segment, it was announced that taxpayers with no income declaration or corporate partnership, or those whose companies have not distributed profits despite having partnerships, were identified, and that 780 of the examined vehicles were registered to individuals who are not taxpayers and have no source of income.

THOSE LAUNDERING MONEY THROUGH LUXURY CAR SALES ARE THE TARGET

According to the report by Kaan Zenginli from Türkiye Gazetesi, the ministry is pursuing those who launder money through luxury car sales rather than just tax evasion. Following this, how money is laundered through luxury car sales and the scale of the system were investigated.

As is known, illicit funds obtained through virtual gambling, drug trafficking, or arms smuggling are most commonly laundered through luxury property sales. The easiest method is the trade of super-luxury cars... Because the figures are quite high... It is known that there are businesses in upscale neighborhoods that are merely 'signboard dealerships' and that these businesses have become centers for money laundering rather than car sales. With the development of technology, dirty money is frequently transferred to the dealership via mail order and crypto, and the trade begins.

ONE CAR, 10 DIFFERENT PEOPLE...

For example, a second-hand Ferrari worth 20 million liras is sold on paper from the dealership to a gang member. This sales transaction takes place 10 times in 2 months. In other words, a super-luxury car passes through 10 different people in a short time. Gang members, who have shell companies set up in their names, buy and sell among themselves. Finally, the same car returns to the dealership 2 months later. But this time, the price is 60 million TL... Thus, 40 million liras of dirty money is laundered into the system. This method has been operating in Turkey for many years. Law enforcement agencies and relevant ministries are conducting operations against money laundering barons with all their might.

Prominent figures in the sector made the following statements regarding the money laundering system:

'MAIL ORDER OR CRYPTO INSTEAD OF CASH'

This is a method that has been operating for years. However, the crypto business has only recently begun. It is not possible to bring money from abroad as cash or to bring it in through a bank. For this reason, mail order or crypto is used. Large and well-known companies may not get involved in these businesses. However, apart from these, the books of dealerships selling super-luxury cars should be examined. Almost all of them are already in the hands of the mafia... It should be checked who sold which car for how much, what the market value of the car is, how many times the car has changed hands in the last 2-3 months, and for how much it returned to the dealership. It will be revealed that billions of liras of dirty money are being laundered. On the other hand, we hear that money laundering operations are also being carried out with very valuable watches from major world brands.