The Royal Canadian Mounted Police (RCMP) announced that its Integrated Money Laundering Investigative Team has laid 29 charges relating to money laundering and fraud against two individuals and one company over an alleged scheme that moved more than $40 million into Canada from the United Arab Emirates. The RCMP release notes that the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) provided support to the investigation. The accused individuals are alleged to have owned and operated a money service business with locations in Calgary and Vancouver and to have defrauded several financial institutions by using a complex network of shell companies and third-party bank accounts. The scheme is alleged to have been designed to disguise the source and nature of the funds and to deliberately defeat reporting requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Kevin Sarrafi (39) was arrested and charged with 27 offences and is scheduled to appear at the Alberta Court of Justice in Calgary on 30 June 2025. Saba Sarrafi (45) was charged with 29 offences and is subject to a Canada-wide arrest warrant, while Canex Forex Ltd. was charged with 29 offences.
Financial Transactions and Reports Analysis Centre of Canada 2025-06-30
Financial Transactions and Reports Analysis Centre of Canada support cited as RCMP lays 29 charges in $40 million money laundering and fraud scheme
The Royal Canadian Mounted Police's Integrated Money Laundering Investigative Team charged two individuals and one company with 29 counts of money laundering and fraud, involving over $40 million moved from the UAE to Canada. The investigation, supported by the Financial Transactions and Reports Analysis Centre of Canada, alleges the use of shell companies and third-party accounts to evade reporting requirements. Kevin Sarrafi faces 27 charges and will appear in court, while Saba Sarrafi and Canex Forex Ltd. face 29 charges, with a Canada-wide warrant issued for Saba Sarrafi.