Charges laid in $40M money laundering scheme allegedly involving Canex Forex Ltd.
The accused owned and operated a money service business called Canex Forex Ltd., with locations in Calgary and Vancouver.
RCMP allege they committed fraud against several financial institutions by transferring money into Canada from the United Arab Emirates via a 'complex network of shell companies and third-party banks accounts.'
Canex Forex Ltd. is charged with 29 offences, while Kevin Sarrafi, 39, of Alberta, faces 27 charges, and Saba Sarrafi, 45, of Coquitlam, B.C., faces 29 offences.
Kevin Sarrafi is set to appear in court on Monday.
A Canada-wide warrant has been issued for Saba Sarrafi's arrest.
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