The Money Service Business sector — which includes foreign exchange dealing, international money transfers and cashing or selling money orders and traveller’s cheques — has been identified as being…
Lower Mainland property developer Bene Group has a company registered with the federal government that allows it to engage in foreign exchange dealing and money transferring.
Many of these have no public face — at the street level or online or through advertising — which would make it difficult for any prospective clients to find them. Bene Financial has potentially run afoul of several federal rules, including one that an MSB must submit a cancellation of a registration within 30 days if it ceases operations and must notify Fintrac of location and other changes.
‘It just doesn’t pass the smell test’Postmedia’s findings show that a man arrested in the 2015 raid of the illegal MSB Silver International, which is alleged to have laundered as much as $220 million a year, is a director of a currency exchange in Richmond. Meunier, who now acts as a senior advisor for Transparency International in Canada, a non-profit group that advocates for better corporate transparency, said the Postmedia findings also point to the importance of having transparency on beneficial ownership of corporations.
MSB owner linked to alleged underground bankingPostmedia’s findings include a court case that pointed to a money-transfer scheme between China and Canada that appeared to take place outside of normal transfer channels that an MSB would use, where money would be transferred directly through banks from one country to another.
The first $2 million in matching deposits were made in Canada by Huang but only a portion of the remaining $1 million was deposited, according to the court filings. Several calls to the number listed for Ronet Current Financial with Fintrac — the same number listed for Huang online as a realtor for LeHomes — went unanswered. Huang also could not be reached through LeHomes.
According to B.C. Corporate Registry records, Wang is one of the directors of HKTK Investment Ltd., registered as a foreign exchange dealer with Fintrac. The RCMP did not respond to a request for comment and Fintrac said it was prohibited from commenting on specific cases. Calvin Bui and Partners Inc., registered as a money transferring business with Fintrac, is also listed as being located at a house in Vancouver. Bui, who also has a business listed online as a bookkeeper/accountant, said the MSB is no longer active. However, it is listed as active on Fintrac’s registry, with an expiry date of Sept. 30, 2020.
Messages left for Crystal Xu, who is the sole director of Dragon Wealth according to corporate registry records and who has been involved in redeveloping houses on the west side, at the other Fintrac-listed phone number went unanswered.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dozens Killed In Shootings At Mosques In New ZealandHere's what we know so far: • Multiple fatalities confirmed • Shots fired at two mosques • One person in custody • 'One of New Zealand's darkest days' - New Zealand Prime Minister Jacinda Ardern
Read more »
U.S. federal prosecutors charge dozens, including celebrity Felicity Huffman, in college admissions fraud schemeDozens of people were charged in a years-old $25-million scheme to help wealthy Americans buy their children’s way into elite schools including Yale, Georgetown and Stanford
Read more »
Dozens left sickened by carbon monoxide leak at Newfoundland rinkHealth officials cautioning about persisting symptoms of carbon monoxide exposure, three days after 80 people were sent to hospital by a leak at a St. John’s arena
Read more »
Former priest accused of abusing dozens of boys found murdered in Las VegasHe had put 4,000 kilometres between himself and the allegations that shadowed his name in New Jersey
Read more »
Ex-Priest, Accused Of Abusing Dozens Of Boys, Found Shot To Death In HomeFormer priest accused of sexually abusing dozens of young boys found dead in his home: U.S. authorities
Read more »
Dozens rescued after being trapped on Lake Erie ice floeA sheet of ice holding fishermen on Lake Erie broke loose in windy weather Saturday morning, sending many of them scrambling to safety but leaving nearly four dozen stranded on the floe for three hours more than a mile offshore until emergency crews could rescue them.
Read more »
Dozens left sickened by carbon monoxide leak at Newfoundland rinkHealth officials were cautioning about persisting symptoms of carbon monoxide exposure Monday, three days after 80 people were sent to hospital by a leak at a St. John's, N.L., arena.
Read more »
Feds charge dozens in widespread U.S. college admissions scamA fast-moving college admissions scandal moved from bombshell indictments to guilty pleas in a matter of hours, yet the full fallout from the federal case against the rich and famous could take months or more to unfold.
Read more »
Felicity Huffman, Lori Loughlin Charged In College Admission Scheme With More Than 40 OthersFelicity Huffman and Lori Loughlin were among dozens charged for allegedly paying to get their kids into elite schools.
Read more »
Doctor says regulator won't probe complaints on gun control advocacy workA Toronto doctor says Ontario's medical regulator has decided not to investigate dozens of complaints made about her push for stricter gun laws.
Read more »