RCMP busts $40M+ U.A.E.-to-Canada money-laundering scheme
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Mounties say the owners of a money service business with locations in Calgary and Vancouver are alleged to have committed fraud against several financial institutions.
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More than $40 million was transferred into Canada from the United Arab Emirates using a 'complex network of shell companies and third-party banks' accounts.'
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'The money laundering scheme was designed to disguise the source and nature of the funds, and to deliberately defeat the reporting requirements of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act,' said the RCMP in a Monday media release.
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Kevin Sarrafi, 39, a resident of Alberta, was arrested and concerning the case. He faces 20 counts of fraud over $5,000 and several other charges for a total of 27 offences.
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Kevin Saffari is scheduled to appear at the Alberta Court of Justice in Calgary on Monday.
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Saba Sarrafi, 45, a resident of Coquitlam, B.C., was charged with 29 offences, and a Canada-wide arrest warrant has been issued for his arrest.
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Both Saba Sarrafi and the Canex Forex face 21 counts of fraud over $5,000 and several other charges.
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'This investigation underscores the critical importance of collaboration between law enforcement, public agencies, and the private sector to strengthen and enforce Canada's anti-money laundering regime,' the RCMP said.
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A Better Business Bureau profile lists Canex Forex Currency Services as not accredited, although Saba Sarrafi is listed as an owner.
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