'Money mules': Foreign students tied to money laundering in Canada, says Fintrack report
August 24, 2022
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According to the Canadian Financial Transactions and Reports Analysis Center (FINTRAC), some
international students have been implicated in money laundering activities for organized criminal networks operating in Canada, including students from China and Hong Kong... is carried out in three main centers in Canada: the Greater Toronto Area, Metro Vancouver, and Calgary-Edmonton. The report said IVTS are often affiliated with and operated by migrant migrant communities that send and receive legitimate money between community members and migrant workers... "China and Iran, for example, are subject to these sanctions and have long established expatriate communities in Canada, particularly those in Metro Vancouver and the Greater Toronto Area... "Many of the suspected 'money mules' are
international students receiving wire transfers from individuals and entities in China and Hong Kong... "It appears that these funds flow through personal and business accounts with little information about the source." Suspicious Money Mule accounts received large amounts of third-party cash deposits and emailed money transfers that do not align with the customer's profile.
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"These funds were rapidly depleted, primarily via outgoing email money transfers and bank drafts to unrelated third parties.
These funds were used for investment, real estate and the purchase of vehicles to be shipped to West Africa and Asia... "This technology leverages the bank accounts of a number of unintentional third parties to facilitate the deposit of cash derived from criminal activity. ...
These individuals often had convenience stores, holding companies, manufacturing and general contracting companies, and import-export businesses that shared addresses or telephone numbers with MSBs. ... Many of these businesses obtained funds from entities linked to organized crime, drug trafficking or law enforcement investigations into money laundering and sanctions evasion,". "The suspicious transactions highlighted a normal flow of funds from Iran and China to these Canadian entities, primarily through the United Arab Emirates, Hong Kong and Qatar. ... Read more ...
'Money mules': Foreign students tied to money laundering in Canada, says Fintrack report - Funancial News (https://funancial.news/money-mules-foreign-students-tied-to-money-laundering-in-canada-says-fintrack-report/)
https://funancial.news/money-mules-foreign-students-tied-to-money-laundering-in-canada-says-fintrack-report