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 Bui, who also has a business listed online as a bookkeeper/accountant, said the MSB is no longer active.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.
Once again the Asian’s are 10 steps ahead,the Canadian government will never catch up.