Particle.news
Download on the App Store
3 ARTICLES
·
4w ago

RCMP Charges Canex Forex, Sarrafi Cousins in $40-Million Laundering Scheme

Authorities allege shell companies and third-party accounts concealed over $40 million transferred through a now-defunct currency exchange.

The federal RCMP’s Northwest Region money-laundering unit announced the charges against the Sarrafis on Monday.
RCMP say the owners of a money service business with locations in Calgary and Vancouver are alleged to have committed fraud against several financial institutions
Image

Overview

  • The RCMP laid 29 fraud and money-laundering charges against Canex Forex Ltd. and its former co-owners under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
  • Kevin Sarrafi was arrested in Calgary on June 30 and is scheduled to appear in court in early August after charges were publicly announced.
  • A Canada-wide warrant remains active for Saba Sarrafi, whose location is unknown to investigators.
  • Investigators allege the cousins used a web of shell companies and third-party bank accounts to disguise transfers from the United Arab Emirates.
  • The case exposes enforcement gaps in the oversight of money-service businesses as sanctions on Iran drive clients toward informal currency exchanges.