IMLIT Canada charges 2 individuals and a company in a $40M cross-border ML scheme, uncovering a complex fraud network involving UAE funds, shell companies, and MSB operations 

Operating a money service business in Calgary and Vancouver, the accused—Kevin Sarrafi, who was arrested, and Saba Sarrafi, now subject to a Canada-wide warrant—allegedly used shell companies and third-party bank accounts to conceal the origins of illicit funds and bypass reporting obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The case underscores IMLIT’s continued focus on dismantling complex laundering networks tied to organised crime…