After a year of investigation into Moxipay Corporation alleged to have facilitated payment for unlicensed illegal online cannabis dispensaries, the investigating team including The Federal Serious and Organized Crime Unit, Financial Transactions and Report Analysis centre of Canda (FINTRAC) and others have concluded that Moxipay was operating an unregistered money service business, an offense under the proceeds of Crime, Money Laundering, and Terrorist Financing Act. It was also discovered that Moxipay facilitated more than 80,000 transaction and up to $15 million was accumulated from illegal sales on online Cannabis between January 2018 and December 2018. The organization used multiple accounts to launder the money most likely as a way to return the money into the illegal online cannabis dispensaries or to direct benefit to third party. Consequently, four directors of the company; Nando Covelli, 67, John Oluk, 67, Marco Bonnani, 45, and Daniel Tse, 39, have been charged with several criminal code offenses spanning the laundering of proceed from crimes, possessing property obtained by crime, trafficking in property obtained by crime, commission of offense for criminal organization, failure to register with FINTRAC, failure to identify a person, and failure to report suspicious activity.
February 22, 2020 by Media Team in ML/TF updates