August 01, 2003
Automotive Sales Industry
During the past three years, the Internal Revenue Service has seen an increase in scams and fraud involving the automotive sales industry. Some scam artists have knowingly assisted narcotics traffickers in laundering their ill-gotten gains, while others submit false loan documents to financial institutions to obtain car loans.
Special agents of IRS Criminal Investigation have investigated and recommended to the Department of Justice for prosecution numerous individuals involved in the automotive sales industry. These investigations vary from tax evasion to employment tax fraud to money laundering conspiracies to violations of the Bank Secrecy Act.
In addition, the IRS has more than 1,000 open audits of the tax returns of new and used car dealers for a variety of issues.
Automotive Sales Industry and Anti-Money Laundering
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