An investigation by the Royal Canadian Mounted Police (RCMP) has revealed suspicions of terrorist financing via a massive underground banking syndicate, according to media reports.
RCMP and the British Columbia government allege that Paul King Jin, a Richmond, B.C. spa-owner, and his associates “used an illegal money transfer business to lend suspected drug-dealer cash to high-roller Chinese gamblers recruited from Macau who, with troubling ease, used massive wads of small bills to buy chips” at a local casino.
The RCMP and police in China allege a massive underground banking network was directed from the Richmond money exchange business, with financial tentacles spreading into 600 bank accounts in mainland China, and also into accounts in Mexico and Peru, used by drug dealers to buy cocaine.
The RCMP alleges that evidence shows the Richmond business sent more than $300 million offshore, and laundered about $220 million in cash in B.C., in just one year.
According to sources, wire transfers showed connections to companies in Iran who are believed to be involved in terrorist financing.
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