Two banks allegedly banked Chinese politically exposed persons with alleged proceeds of crime

By Christine Duhaime | March 28th, 2015

PEPs from China

According to this article in the Vancouver Sun, two Canadian banks opened and maintained a bank account for politically exposed persons from China who are now alleged to have laundered $900,000 in proceeds of crime from China to Canada and the US.

The two politically exposed persons are Shilan Zhao (趙世蘭) and her ex-spouse, Jianjun Qiao (喬建軍). They are politically exposed in anti-money laundering law because Qiao was the director of a government corporation in China, Sinograin, and Zhao was his spouse.

US Charges

Zhao and Qiao were indicted in the US a week ago and charged with conspiracy to commit immigration fraud and international transport of stolen funds, as well as conspiracy to commit money laundering. Zhao is additionally charged with one count of immigration fraud in respect of the EB5 immigration program. They are alleged to have done business in Vancouver, including flipping of real estate properties.

Zhao was arrested in the US but Qiao is a fugitive.

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