Consequences of giving up
Long term consequences. Unscrupulous persons will see an opportunity in that they can beat our systems, our governments, our police, our investigators. Such persons will not pay tax and avoid the responsibilities of being a Canadian. We will all be cheated.
Not enough resources (?)
Both reports state there are not enough resources, that we can’t afford them and it will take too long to get to trial. Do not our financial institutions still have a requirement to report over $10,000 deposits and the info sent to FiNRA? Does the former also report when an account has multiple $10,000 deposited in an account over an extended period of time? Are persons investigated when someone buys a house with cash?
Trust?
The Canadian citizen’s trust in the CRA, the financial system and even the government of Canada and BC is being tested. If a sovereign government like Canada cannot devise ways of catching these persons and their monies, who can?
Unscrupulous persons
The unscrupulous will get more powerful so that they can get bigger and even more unassailable and will not be made responsible for their deeds.
Addressing the issue
Surely there are ways to address these issues: new and innovative laws and procedures put in place; experts who know how money is laundered and how tax avoidance takes place. Perhaps we need a special judiciary tribunal that only deals with these kinds of cases so that everyone from investigators to lawyers to judges are well informed about how this behaviour happens and how best to pursue the people doing it. With respect to money, if a robust, tight and even eager group of Canadians are put together to catch these people, there will be convictions. It seems we do not have proper tools, so why can’t they be given such tools?
No resources?
We don’t have the money? Money that is caught can be used to off-set the expense of how these behaviours are dealt with. Surely successful proceeds of crime, no matter how long it takes, would pay for those costs. We cannot speak the language in which such transactions are made? Hire people who can translate.
Technology
Given the power of computers, and the wonderful people who know how to use them to abuse the system means there are even more wonderful people who can devise both regulations and computer systems to stop and apprehend them.
The unscrupulous and cheats undermine Canadian institutions
Canadians have a right to demand that our various governments vigorously pursue the persons behind dirty money. These people are cheaters and tax dodgers. The rest of us are paying for the comforts of living in a safe country ruled by law and by the division of powers. This kind of massive theft and abuse undermines the principles. In essence, we who pay taxes are subsidizing these cheats.
How does that make you feel?