CALGARY, AB — The RCMP’s Integrated Money Laundering Investigative Team has laid multiple charges against Kevin Sarrafi, 39, Saba Sarrafi, 45, and their company Canex Forex Ltd., in connection with an alleged $40-million international money laundering and fraud operation.
The two are accused of using their money service business, which operated in both Calgary and Vancouver, to facilitate the illegal transfer of tens of millions of dollars from the United Arab Emirates into Canada. The funds were allegedly moved through a network of shell companies and third-party bank accounts, a method often used to obscure the origins of illicit money.
According to the RCMP release, the Sarrafis committed fraud against multiple financial institutions, leveraging their business to process suspicious transactions.
“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,” RCMP stated.
Kevin Sarrafi faces 27 criminal charges and was scheduled to appear in Calgary court on Monday. Saba Sarrafi, charged with 29 offences, is currently wanted on a Canada-wide warrant.
Canex Forex Ltd., the money services company allegedly used in the scheme, also faces 29 charges.
The investigation highlights the growing international concern about money laundering through Canada, particularly with the use of shell entities to route foreign funds through domestic institutions.
