Seven arrested in Calgary money laundering bust

By Christine Duhaime | December 8th, 2010

The RCMP have arrested seven Calgary-area residents in connection with what they are calling a massive money laundering scheme tied to illegal gambling and drug trafficking. The two-year investigation, dubbed “Operation Kwadrant,” was initiated from incidents of suspected money laundering at a local casino. During the raid, police seized two Lamborghinis, two Porsches and 4.5 kilograms of cocaine from 11 homes around Calgary. Casinos in Canada are required to file suspicious transaction reports with FINTRAC if a casino employee has reasonable grounds to suspect that a gambling transaction or attempted transaction is related to the commission or attempted commission of a money laundering or terrorist financing offence.

Comments are closed.