Latest news with #MoneyLaundering
CBC
18-07-2025
- Business
- CBC
14 parties charged over alleged immigration scheme involving 2 P.E.I. farm operations
Social Sharing Fourteen people and companies with ties to Canadian Nectar Products and Island Gold Honey are facing charges under the Immigration and Refugee Protection Act in P.E.I. provincial court, with some of them also facing criminal charges for money laundering. CBC News has been reporting on the companies since 2022, after the Canadian Border Services Agency executed search warrants at properties across Prince Edward Island. In Georgetown court Thursday, a federal prosecutor told the court the case is based on what was found after eight search warrants were carried out. It also relies on electronic evidence, including text messages, gathered over the last number of years. Among those charged are Kamalpreet Khaira and his company, Canadian Nectar Products, as well as Roger O'Neill and his company, Island Gold Honey. Who's been charged Several numbered companies have been charged, including: 102045 P.E.I. Inc., also known as Fruits Canada, 102095 P.E.I. Inc., also known as Atlantic Canada Nurseries Inc., and 2786244 Ontario Inc. A lawyer appearing virtually from Ontario on behalf of Greenspan Humphrey Makepeace told the court she was representing all those numbered companies, as well as Canadian Nectar Products and the Khairas. Two people who share Kamalpreet Khaira's surname have also been charged, as well as MCPA Consulting Group Walker and Associates and its director, Thomas Walker, a former P.E.I. accountant who was expelled from his professional organization in 2006 after pleading guilty to theft charges. The registrar with Chartered Professional Accountants of P.E.I. confirmed to CBC News that Walker has not been reinstated since his expulsion. The charges include: Both P.E.I. numbered companies, Canadian Nectar Products, Kamalpreet Khaira and four other people have been charged with committing infractions under the Immigration and Refugee Protection Act. Canadian Nectar Products, Island Gold Honey, Walker and Associates, Walker, O'Neill and two other people are charged with employing a foreign national in ways that were not authorized. Kamalpreet Khaira, Roger O'Neill, Island Gold Honey, Canadian Nectar Products, the P.E.I. numbered companies and one other person are charged with misrepresenting information under the immigration act. And finally, criminal charges for laundering the proceeds of crime were filed against the Ontario numbered company, Island Gold Honey, Walker and Associates, Kamalpreet Khaira, Walker and O'Neill. None of the allegations have been tested in court and pleas to the charges have not yet been entered. Investigation going back at least four years Search warrants unsealed after a CBC News court application show the Canadian Border Services Agency (CBSA) had been investigating Khaira, O'Neill and their companies since November of 2021 after a tip from the Cooper Institute about poor living conditions for temporary foreign workers tied to Island Gold Honey. Canada's Temporary Foreign Worker Program allows employers to hire migrant workers from outside the country to fill temporary jobs when qualified Canadians are not available. Businesses that hire foreign workers are supposed to provide a fair wage and help cover workers' travel and housing costs. Once workers arrive to take up the job, they are tied to the same employer and cannot work for someone else, in most cases. In those documents obtained by CBC, the CBSA alleges Khaira runs multiple companies to access additional temporary foreign workers, and had his staff provide "fraudulent documentation to support work that did not actually take place," the search warrant application said. In an investigation done by CBC's The Fifth Estate, four workers said they paid up to $30,000 each to immigration consultants who promised them jobs in Canada and eventually a path to permanent residency. After the payments were made, workers said they arrived in P.E.I. to discover the promised jobs didn't exist. They say they were shuttled between companies, and when they did work, they were offered substantially fewer hours than first promised. In the search warrant documents, the CBSA said workers said they never actually worked for Island Gold Honey after being hired, but were instead brought to the business premises of Canadian Nectar Products, on Peters Road in Alliston, P.E.I. One worker spoke of being taken to live on a farm after arriving on P.E.I. while work was being arranged. Months later, the worker was still not employed. Another worker told CBSA that repeated phone calls to O'Neill were not returned, and no one from Island Gold got in touch after the person arrived in Canada. Instead, the newcomer was directed to Canadian Nectar Products. CBSA investigators also talked to a worker who said they were recruited by Kamalpreet Khaira as a farm worker with Atlantic Canada Nurseries, in Belle River, P.E.I. The worker said they were told they would have to pay Khaira $50,000 in installment payments. The worker described being shocked upon arriving at that job site because there were no company buildings or nursery — only flat ground and one house. The warrant documents said Kamalpreet Khaira told the worker they'd be picking apples at Canadian Nectar Products instead, but would need to hide that fact. The migrant workers also described being required to pay cash in order to receive their paycheques — which were often made out in lesser amounts than what they had paid their employer in cash. The workers needed the paycheques to prove they were legally in Canada and gainfully employed, for the purposes of building a case for gaining permanent resident status. Workers told The Fifth Estate they went ahead with the alleged scheme because they believed they needed the pay stub as a record of employment, something they say they were told they needed to apply for permanent residency. In August 2022, P.E.I.'s Employment Standards Branch ordered Canadian Nectar Products to pay thousands of dollars to four foreign workers who refused to participate in what its ruling called a "cash for pay scheme." One worker whose circumstances were described in that matter complained of having to pay $600 in cash to receive a paycheque for $499.70. Charges reflect alleged improper use of TFW system O'Neill represented himself in court on Thursday. Provincial court Judge Nancy Orr urged him to seek legal counsel due to the seriousness of the charges. The other companies and people were all represented by various lawyers. Not all of the charges were read aloud in court on Thursday, but some were. Among the allegations detailed were that O'Neill and Island Gold Honey submitted labour market impact assessments — a step in getting approval to hire TFWs — for 27 foreign workers who were not needed, and then knowingly offered them jobs that didn't exist. Orr read from a charge document saying that Canadian Nectar Products has been accused of knowingly employing foreign nationals who were not authorized to work there, while many of the other charges allege individuals knowingly assisted in various steps of making that happen. Orr was not satisfied with the way the Crown had filed the charges — with many different names appearing on the same information sheets when she said they should have been split up. The lawyers and judge all agreed it was best to adjourn the case for about a month to get everything sorted and allow time for the defence to review the documents and case. The matter will be back in court in August.
Vancouver Sun
02-07-2025
- Business
- Vancouver Sun
RCMP busts $40M+ U.A.E.-to-Canada money-laundering scheme
Two people and one company have been charged in connection with a complex money laundering and fraud scheme, with one of the accused still on the lam. Mounties say the owners of a money service business with locations in Calgary and Vancouver are alleged to have committed fraud against several financial institutions. More than $40 million was transferred into Canada from the United Arab Emirates using a 'complex network of shell companies and third-party banks' accounts.' 'The money laundering scheme was designed to disguise the source and nature of the funds, and to deliberately defeat the reporting requirements of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act,' said the RCMP in a Monday media release. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Kevin Sarrafi, 39, a resident of Alberta, was arrested and concerning the case. He faces 20 counts of fraud over $5,000 and several other charges for a total of 27 offences. Kevin Saffari is scheduled to appear at the Alberta Court of Justice in Calgary on Monday. Saba Sarrafi, 45, a resident of Coquitlam, B.C., was charged with 29 offences, and a Canada-wide arrest warrant has been issued for his arrest. The company, Canex Forex Ltd., is charged with 29 offences. Both Saba Sarrafi and the Canex Forex face 21 counts of fraud over $5,000 and several other charges. 'This investigation underscores the critical importance of collaboration between law enforcement, public agencies, and the private sector to strengthen and enforce Canada's anti-money laundering regime,' the RCMP said. A Better Business Bureau profile lists Canex Forex Currency Services as not accredited, although Saba Sarrafi is listed as an owner. Its address is shown as being at the now-demolished Eau Claire Market, 199-200 Barclay Parade S.W. in Calgary Canex Forex's website was not reachable on Monday. swilhelm@
Scotsman
01-07-2025
- Business
- Scotsman
First asset recovery operating system registers with FCA
It allows Asset Reality to offer crypto custody services | Shutterstock Asset Reality, the first end-to-end asset recovery operating system, has achieved the milestone of becoming registered with the Financial Conduct Authority (FCA). Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The seized asset company registered as a Virtual Assets Service Provider (VASP) with the UK Financial Conduct Authority earlier this year under the Money Laundering, Terrorist Financing and Transfer of Funds regulations. It makes the Asset Reality platform the first to offer crypto custody services - and enables the brand to provide its critical virtual asset services to law enforcement and government agencies in the UK as a custodian wallet provider. They hope this will solve the operational and technical challenges that have long hindered global seized asset practitioners. 'We are delighted that Asset Reality have obtained registration with the FCA as a cryptoasset firm,' said Arun Srivastava, Partner at Paul Hasting (Europe) LLP. 'Asset Reality will be a key player in the crypto asset ecosystem and will facilitate its growth.' Asset Reality, is the world's first seized asset platform provides an end-to-end solution to support the seizure, management, and disposal of both physical and virtual assets. These can range from boats to bitcoin, Monets to meme coins, and private jets to privacy coins. Until now, asset recovery practitioners have been forced to create their own end-to-end solution for asset recovery by combining spreadsheets, hardware wallets, exchanges, and consultants. This has led to inefficiency and risk in the asset recovery process. But Asset Reality offers a unified Platform, built for government and enforcement agencies with 100 per cent asset coverage, by combining seizure support, asset inventory and management, virtual asset custody, valuation, liquidation and compliance workflows into a single secure asset recovery operating system. This solution makes it easier to seize all asset types in a timely manner. Asset Reality have become the first asset recovery platform to register with the FCA | Shutterstock 'A significant milestone, not just for Asset Reality, but for the wider seized asset ecosystem' 'Practitioners have always struggled with disjointed tools, managing spreadsheets, selecting wallets and exchanges, sourcing technical specialists and valuers, and navigating complex court processes without dedicated support,' said Aidan Larkin, co-founder and CEO of Asset Reality. 'We've brought all that together in one purpose-built Platform for the first time, making seized asset management smarter, safer, and more accountable. 'We've never had a regulatory penalty or compliance breach, something few, if any, in our sector can say. 'Our clients trust us not just because we understand their mission, but because we operate with the same discipline and accountability that they do.' This significant industry milestone underscores Asset Reality's commitment to upholding the highest standards of anti-money laundering (AML) and counter-terrorist financing (CTF) compliance in the UK. It comes as Asset Reality implements robust AML and CTF controls, including risk management, client due diligence procedures, transaction monitoring systems, and staff training programmes which align with the FCA's expectations for cryptoasset businesses. 'FCA registration is a significant milestone, not just for Asset Reality, but for the wider seized asset ecosystem,' said Lynette Mapp, General Counsel for Asset Reality. 'It helps demonstrate how regulated infrastructure can support law enforcement, courts and public sector bodies dealing with complex virtual asset cases - while upholding the highest standards of compliance and transparency.' As the UK continues evolving its digital asset regulatory framework, Asset Reality remains at the forefront of compliance and innovation, leading the way in delivering secure, compliant, and scalable infrastructure to those responsible for handling seized and recovered assets. About Asset Reality Limited Asset Reality is the seized asset company building modern solutions for more effective asset recovery. As the first company in the world to offer a complete solution for both physical and virtual assets, we make it easier to seize assets. Asset Reality's software replaces outdated and ineffective legacy infrastructures with a solution built to optimise the seizure, management and disposal of physical and virtual assets. For more information about Asset Reality, visit This article is produced by SWNS based on content distributed by GlobeNewswire.
Scotsman
01-07-2025
- Business
- Scotsman
First asset recovery operating system registers with FCA
It allows Asset Reality to offer crypto custody services | Shutterstock Asset Reality, the first end-to-end asset recovery operating system, has achieved the milestone of becoming registered with the Financial Conduct Authority (FCA). Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The seized asset company registered as a Virtual Assets Service Provider (VASP) with the UK Financial Conduct Authority earlier this year under the Money Laundering, Terrorist Financing and Transfer of Funds regulations. It makes the Asset Reality platform the first to offer crypto custody services - and enables the brand to provide its critical virtual asset services to law enforcement and government agencies in the UK as a custodian wallet provider. They hope this will solve the operational and technical challenges that have long hindered global seized asset practitioners. 'We are delighted that Asset Reality have obtained registration with the FCA as a cryptoasset firm,' said Arun Srivastava, Partner at Paul Hasting (Europe) LLP. 'Asset Reality will be a key player in the crypto asset ecosystem and will facilitate its growth.' Asset Reality, is the world's first seized asset platform provides an end-to-end solution to support the seizure, management, and disposal of both physical and virtual assets. These can range from boats to bitcoin, Monets to meme coins, and private jets to privacy coins. Until now, asset recovery practitioners have been forced to create their own end-to-end solution for asset recovery by combining spreadsheets, hardware wallets, exchanges, and consultants. This has led to inefficiency and risk in the asset recovery process. But Asset Reality offers a unified Platform, built for government and enforcement agencies with 100 per cent asset coverage, by combining seizure support, asset inventory and management, virtual asset custody, valuation, liquidation and compliance workflows into a single secure asset recovery operating system. This solution makes it easier to seize all asset types in a timely manner. Asset Reality have become the first asset recovery platform to register with the FCA | Shutterstock 'A significant milestone, not just for Asset Reality, but for the wider seized asset ecosystem' 'Practitioners have always struggled with disjointed tools, managing spreadsheets, selecting wallets and exchanges, sourcing technical specialists and valuers, and navigating complex court processes without dedicated support,' said Aidan Larkin, co-founder and CEO of Asset Reality. 'We've brought all that together in one purpose-built Platform for the first time, making seized asset management smarter, safer, and more accountable. 'We've never had a regulatory penalty or compliance breach, something few, if any, in our sector can say. 'Our clients trust us not just because we understand their mission, but because we operate with the same discipline and accountability that they do.' This significant industry milestone underscores Asset Reality's commitment to upholding the highest standards of anti-money laundering (AML) and counter-terrorist financing (CTF) compliance in the UK. It comes as Asset Reality implements robust AML and CTF controls, including risk management, client due diligence procedures, transaction monitoring systems, and staff training programmes which align with the FCA's expectations for cryptoasset businesses. 'FCA registration is a significant milestone, not just for Asset Reality, but for the wider seized asset ecosystem,' said Lynette Mapp, General Counsel for Asset Reality. 'It helps demonstrate how regulated infrastructure can support law enforcement, courts and public sector bodies dealing with complex virtual asset cases - while upholding the highest standards of compliance and transparency.' As the UK continues evolving its digital asset regulatory framework, Asset Reality remains at the forefront of compliance and innovation, leading the way in delivering secure, compliant, and scalable infrastructure to those responsible for handling seized and recovered assets. About Asset Reality Limited Asset Reality is the seized asset company building modern solutions for more effective asset recovery. As the first company in the world to offer a complete solution for both physical and virtual assets, we make it easier to seize assets. Asset Reality's software replaces outdated and ineffective legacy infrastructures with a solution built to optimise the seizure, management and disposal of physical and virtual assets. For more information about Asset Reality, visit
Arab News
01-03-2025
- Politics
- Arab News
Islamic coalition training tackles terrorism financing
RIYADH: The Islamic Military Counter Terrorism Coalition has launched a training program in Abidjan, Cote d'Ivoire, titled 'Countering Terrorism Financing and Money Laundering,' aimed at curbing terrorism financing operations. Cote d'Ivoire's Minister of Digital Transition and Digitalization Ibrahim Kalil Konate and the coalition's secretary-general, Maj. Gen. Mohammed Al-Moghedi, attended the event, the Saudi Press Agency reported. This strategic initiative, the first of its kind in Abidjan, seeks to enhance the capabilities of participants from relevant institutions in addressing terrorism financing and money-laundering challenges. The program features intensive courses and workshops led by international experts, covering international laws on combating money laundering and terrorism financing, the SPA reported. Earlier, Brig. Gen. Alah Kouame Joseph, commander of the International Academy for Counter-Terrorism, welcomed Al-Moghedi and his delegation in Abidjan. Both sides discussed areas of mutual cooperation in counterterrorism, the SPA said. Al-Moghedi was briefed on the academy's training capabilities, educational resources and technical expertise in providing a high-level response to terrorist threats.
