Canada: Huge money laundering scam uncovered

A huge money laundering scam was discovered in Canada several years ago revealed. This was done by a couple. Although it has been several years, now there is new news. We would now like to explain what is involved and how it will continue for those affected.

Vancouver im Herbst – im Hintergrund Wolkenkratzer, vorne ein Gewässer.

The owner of Silver International Investment Ltd. receives back only a small sum of the secured assets.(©12019/Pixabay)

Money laundering dates back to 2015

The incidents to which the latest report refers come from the year 2015. The facts of the case may go back even further. But in 2015, the Canadian federal police began investigating. A married couple named Quin and Jian Jun Zhuperpetrators. Together they ran the company Silver International Investments Ltd. This was a financial services company that arguably took that purpose a little too seriously. were believed to be

During the investigation, it was discovered that1.5 million Canadian dollars were being laundered every day. But how did the couple go about this? They have primarily used casinos. Similar to the case of Crown Casinos in Australia, the couple used on-site casinos. Interestingly, the company Silver International Investments Ltd. very well known, because its customers included crime syndicates from Mexico, China and also from Canada. It is not known how they established the business relationship.

On the other hand, it is known that the money to be laundered was used in the casinos and thelosses or profits achieved in this way came back as legal money. In the course of the investigation, the procedure was referred to as the "Vancouver model".

Investigations were stopped in 2018

In the course of the investigations, the couple's house was searched. That was definitely before 2018. At that point, the couple was questioned and they denied all blame. Nevertheless, it was somehow possible that anot inconsiderable fortune was secured. After the couple denied everything, the assets were released by the court. However, this did not last for a particularly long time, as the government objected and the assets remained secure.

It was only now that things turned around, which is why there were new reports. After Zhu was shot dead in 2020, the state only negotiated with Qin. As aResult it is established thatthe State retains 1.14 million Canadian Dollars. Qin seems to be able to keep the difference to the two million seized. At least there is no explanation of what happens to this difference. However, there are other sums that are retained by the state.

It is interesting that some of these are gift cards. The type of gift card was not disclosed. Likewise, no value of this was published. However, if it were of small value, the government would not have kept it. The situation is different with the purchase price that resulted from the sale of a house. Thisis 192,000 CAD and also remains in the possession of the state.

Game chips were also seized

Apart from cash and a substantial fortune in various accounts, the governmentgame chips were also recovered. These have a value of 17,800 CAD. Compared to the other totals, this appears to be a very small amount. Nevertheless, it is worthwhile for the state to withhold these as well. Furthermore, these chips provide information about the casinos in which the couple did their work. But which casino is behind the chips? It is the River Rock Casino and Resort in Richmond.

Substantially more casinos have been used to launder money with gambling losses. If only one casino had been used, it would have stood out. Unless it's similar to Crown Casino in Australia. Although the investigations are not yet complete, according to the employees, the managers knew everything. You could have prevented rich players from laundering money in the casino. After it is aboutimportant VIP customers traded but this was not prevented. With an annual sum of 220 million, it could be Silver International Investments Ltd. also dealt with a VIP customer.

Why is money laundering possible in on-site casinos?

According to the current report, Qin will not have to fear criminal prosecution. At least that's the rumor. It is not yet possible to say whether this will really be the case. The Canadian state may think that confiscating property is punishment enough. In this context, however, a completely different question arises: Why is it even possible to laundervia local casinos? In an online casino it is not that simple. For example, every online gambling provider must report when a customer wagers exceptionally large sums.

In many countries it even seems to be the case that it has to be checked where the money comes from. This rule is hidden behind the word player security. Because if it is determined where the money used comes from,a player can be protected from becoming over-indebted. The verification regulation is also advantageous for the state: it can be found out whether the money, as with Silver International Investment Ltd. comes from criminal organizations. After all of these regulations do not apply to local casinos, it is much easier to place foreign money there.

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The article was published on December 17th, 2021 in the magazine by cpaws-ov.org under the keywords, ,,,, published.
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